Fed Holds Rates Steady, but Two Officials Favor Another Rate Hike

TechFlow reported on October 29 that the Federal Reserve decided at this meeting to hold rates unchanged, after the central bank had just raised rates last month. The move gives the Fed more time to assess whether further rate hikes are needed to prevent rising energy costs and the AI construction boom from spilling over into broader inflation. The decision kept the Fed's benchmark interest rate in the 3.75% to 4% range and was passed by a 10-2 vote. Fed Governor Cook and Cleveland Fed President Hammack voted against, favoring a 25 basis point hike. In the policy statement, the rate-setting Committee did not materially change Wall Street's expectations that the Fed may hike again at its next meeting in December. The statement said: "As more information accumulates, the Committee will be able to determine the appropriate policy stance to ensure that inflation returns to the Committee's 2% target in a timely manner." (Jin10)

Source: TechFlow