Fed holds rates steady at 3.75 to 4 percent
The Federal Open Market Committee left its target range for the federal funds rate unchanged at 3.75 to 4 percent. The decision passed by a 10 to 2 vote. Governors Lisa D. Cook and Beth M. Hammack dissented, preferring a 0.25 percentage point increase. The committee said economic activity is expanding at a strong pace while inflation remains elevated, and it reiterated its aim of returning inflation to 2 percent.
Key facts
- Cook and Hammack are the two dissenting voters on the Federal Open Market Committee.
- The committee's stated goal is to return inflation to 2 percent while delivering price stability.
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Why it matters
The decision keeps borrowing costs steady while policymakers weigh strong growth against high inflation.
What changed
First published from Federal Reserve