Federal Reserve Holds Rates at 4%, Two Officials Dissent in Favor of Hike
- Fed leaves benchmark interest rate unchanged at 3.75-4.00%
- Fed votes 10-2 to hold rates, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a 25-basis-point hike
- Fed: Economic activity continues to expand at a strong pace
- Fed: Inflation remains elevated
- Fed: Domestic spending has remained resilient despite elevated uncertainty
- Fed: Productivity growth remains strong, while capital investment is robust
- Fed: Job gains have kept pace with workforce growth, with the unemployment rate little changed
- Fed: Additional economic data will help determine the appropriate stance of monetary policy