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US Fed Meeting LIVE Updates: The Federal Reserve kept its benchmark interest rate unchanged on Wednesday, choosing to hold off on further action as it continues to tackle inflation that has remained more persistent than policymakers expected.
US Fed Meeting LIVE Updates: US Federal Reserve officials left interest rates unchanged and reiterated their commitment to containing inflation, but without offering a clear signal that they might raise rates at their next meeting in December.
"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% goal,” policymakers said Wednesday in a post-meeting statement. “The committee will deliver price stability."
The Federal Open Market Committee voted 10-2 to hold its benchmark federal funds rate in a range of 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring to raise rates by a quarter percentage point.
The decision to hold rates comes less than a week before the November midterm elections. Amid widespread discontent over the economy, Democrats are favoured to win a majority in the House of Representatives and have a polling edge in several key races for the Senate.
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HomeMarket NewsUS Fed Meeting LIVE Updates: Two dissenters as US central bank pauses rate hikes
