The Federal Open Market Committee today voted to maintain the target range for the federal funds rate at 3.75% to 4%, although two members instead sought an increase.
In a statement, the FOMC said job gains have kept pace with the workforce and the unemployment rate has changed little, but inflation remains elevated. “The accumulation of more information will help the committee determine the policy stance appropriate to ensure a timely return of inflation to the committee’s 2% goal,” it said.
Fed Governor Lisa Cook and Cleveland Fed President Beth Hammock voted against the holding rates steady, instead preferring an increase of 25 basis points.
