Full text of the Federal Reserve's decision: Interest rates unchanged, two officials advocated a 25 basis point rate hike.

October 29: The Federal Open Market Committee approved and issued the following statement with 10 votes in favor and 2 against:

The Committee decided to maintain the target range for the federal funds rate at 3.75% to 4% to support the Federal Reserve's pursuit of its dual mandate. The Committee will continue its policy of maintaining ample reserves in the banking system.

Economic activity is expanding at a strong pace. Although uncertainty remains elevated due to factors such as geopolitical developments, U.S. domestic spending has shown resilience. Productivity growth is strong, and capital investment is solid. Employment growth has kept pace with labor force growth, and the unemployment rate has changed little.

Inflation remains elevated. As more information is gathered, the Committee will determine the appropriate policy stance accordingly to ensure that inflation returns to the Committee's 2% objective in a timely manner. The Committee will achieve price stability.

Voting against this monetary policy action were Federal Reserve Governor Lisa D. Cook and Cleveland Fed President Beth M. Hammack, both of whom preferred to raise the target range for the federal funds rate by 25 basis points at this meeting.