Fed holds rates at 3.75%–4.00%, two members favored a hike

October 29 — According to the Federal Reserve's official statement, the Federal Open Market Committee (FOMC) announced it will keep the target range for the federal funds rate unchanged at 3.75%–4.00%, in line with market expectations. The decision passed with 10 votes in favor and 2 against; Federal Reserve Governor Lisa Cook and Cleveland Fed President Beth Hammack voted no, favoring a 25 basis point rate hike. The statement said economic activity is expanding at a strong pace and inflation remains elevated. Federal Reserve Chair Warsh will hold a press conference at 02:30 Beijing time.