WASHINGTON — The Federal Reserve left its benchmark interest rate unchanged Wednesday at 3.75% to 4%, with two policymakers favoring an increase as the central bank said inflation remained elevated.
The Federal Open Market Committee approved the decision by a 10-2 vote. Lisa D. Cook and Beth M. Hammack dissented, preferring to raise the target range by a quarter percentage point.
In its Oct. 28 statement, released at 2 p.m. EDT, the committee said additional information would help it determine the policy needed to bring inflation back to its 2% goal in a timely manner.
“The Committee will deliver price stability.”
The economy is expanding strongly, the committee said. Domestic spending has held up even as geopolitical developments contribute to uncertainty. Productivity and capital investment are also growing strongly, according to the statement.
On employment, the statement said job gains had kept pace with the workforce, while the unemployment rate had changed little.
The committee said its decision to hold rates supported the Fed’s dual mandate. It will also continue its policy of keeping ample reserves in the banking system.
Have something to promote?
Bring your business, services or event to our readers.