The Federal Reserve on Wednesday left interest rates unchanged at 3.37%-4.00%, less than a week before Election Day.
The Federal Open Market Committee (FOMC) voted to leave rates steady, with embattled Federal Reserve Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting.
Both Cook and Hammack want to raise interest rates by 25 basis points.
Last month, the Federal Reserve raised interest rates by 25 basis points – or 0.25%.
The Federal Open Market Committee (FOMC) voted 12-0 to increase the benchmark rate to 3.75% in September.
September’s decision to increase the benchmark rate was the first rate hike since 2023.
CNBC reported:
The Federal Reserve voted Wednesday to keep benchmark interest rates on hold, opting to take a patient approach in its fight against inflation despite mounting evidence that price pressures are proving more nettlesome than policymakers had hoped.
In a widely expected decision, the Federal Open Market Committee kept the overnight funds rate in a range between 3.75%-4%, where it has been since the central bank approved a quarter percentage-point increase in September.
“Inflation remains elevated,” the post-meeting statement said. “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.”
Two of the 12 FOMC voters dissented from the decision – Governor Lisa Cook and Cleveland Fed President Beth Hammack, both of whom wanted the committee to raise rates by a quarter percentage point.
Fed Chair Kevin Warsh will hold a press conference at 2:30 ET about Wednesday’s decision to keep rates steady.
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