Fed holds rates steady; two officials wanted a hike
The Federal Reserve held its benchmark rate in a range of 3.75 to 4 percent in a 10-2 vote. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, favoring a quarter-point hike. The statement says inflation "remains elevated" and that more information will help the committee decide its next move. It is the Fed's last decision before the November 3 midterm elections.
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Why it matters
The Fed's benchmark rate stays at 3.75 to 4 percent, so borrowing costs tied to it hold where they are for now. Two of the twelve voters wanted a quarter-point increase, and the Fed's statement says inflation remains elevated.
Sources
- Reuters via Yahoo Finance: FOMC holds rates steady
- Yahoo Finance: Stock market today, Fed votes 10-2 to hold
- Townhall: The Federal Reserve just announced its latest decision
- Minnesota News Network: Afternoon headlines, Oct. 28
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