CA, US & World
Fed Holds Interest Rates Steady as Two Officials Push for Hike
The Federal Reserve held interest rates steady Wednesday, keeping its benchmark rate between 3.75% and 4%, even as inflation continues to pressure American households.
The decision was widely expected, but it was not unanimous. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack voted against holding rates steady, favoring a quarter-percentage-point increase instead.
In its statement, the Fed cited continued uncertainty, including geopolitical developments, and said additional economic information would help guide its next decisions.
The language leaves the door open to another rate increase. At its September meeting, policymakers had signaled the possibility of raising rates again before the end of the year. The next decision is expected in early December.
Inflation remains a key concern for policymakers, with gas and energy costs rising amid the war with Iran. The Fed is weighing those pressures against a labor market that remains relatively stable but has shown limited momentum.
Fed officials said economic activity is growing at a strong pace and domestic spending remains resilient. Job gains are keeping pace with the workforce, while the unemployment rate has changed little.
The decision comes as President Donald Trump renews efforts to remove Cook from the Federal Reserve Board, adding to the political scrutiny surrounding the central bank.
The Fed’s next move will depend on how inflation, employment and broader economic conditions develop in the coming weeks.
By: NBC Palm Springs
October 28, 2026
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