The October 28 decision keeps the federal funds target range unchanged. Lisa Cook and Beth Hammack preferred a quarter point increase, according to the official statement.
The Federal Reserve kept its federal funds target at 3.75 to 4 percent on Wednesday. The Federal Open Market Committee’s October 28 statement records a 10 to 2 vote, with Lisa Cook and Beth Hammack preferring an increase of a quarter percentage point.
The committee described strong economic activity and continuing inflation pressure. It said additional information would help it judge the policy needed to bring inflation back to its 2 percent objective. The statement announces Wednesday’s decision without committing to a particular move at the next meeting.
A separate implementation note keeps interest on reserve balances at 3.90 percent and the primary credit rate at 4 percent, effective October 29. Those operating settings support the announced policy stance.
For readers comparing borrowing costs, the federal funds target is a policy benchmark, not a quoted mortgage, credit card or business loan rate. Individual offers depend on the product and lender. This report does not estimate a change in a household payment or predict the next rate decision.