The Federal Reserve maintains interest rates unchanged, with two members supporting a rate hike

The Federal Reserve decided to maintain the federal funds rate target range at 3.75% to 4.00% with 10 votes in favor and 2 votes against. Cook and Harmack cast the dissenting votes, both advocating for a 25 basis point increase at this meeting.

The statement noted that economic activity is expanding strongly, and inflation remains high. More information will help the committee assess the appropriate policy stance to ensure inflation returns to the 2% target in a timely manner.