Fed Holds Rates at 3.75%-4.00% as Two Officials Dissent

TREE NEWS update: The Federal Open Market Committee voted 10-2 to keep the benchmark rate at 3.75%-4.00% on Wednesday, with Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a 25-basis-point hike. The Fed tweaked its statement to say economic activity is expanding at a “strong” pace and reiterated that domestic spending remains resilient even as uncertainty, partly from geopolitical developments, stays elevated. The committee said accumulating more information will help it determine the appropriate policy stance to ensure inflation returns to its 2% goal in a timely manner.