The Federal Reserve left interest rates unchanged at its October policy meeting, despite ongoing inflation concerns.
In a widely expected decision, the Federal Open Market Committee voted 10–2 to keep the benchmark federal funds rate in the current target range of 3.75 percent to 4 percent on Oct. 28, “in support of the Federal Reserve’s dual mandate.”
Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack were the lone dissenters, preferring to raise interest rates by a quarter point.
“Economic activity is expanding at a strong pace,” the central bank said in a post-meeting statement.
“While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.”…