Federal Reserve holds rates steady despite concerns over inflation
Officials said the 10-2 vote leaves borrowing costs unchanged while two policymakers dissented for a quarter-point increase.
- On Wednesday, October 28, 2026, the Federal Reserve held interest rates steady within the 3.75%-4.00% range in a 10-2 decision, delaying any changes until after the November 3 midterm elections.
- The central bank has missed its 2% goal for five and a half years, straining households and businesses with sustained price increases that policymakers sought more data to combat.
- Cleveland Fed President Beth Hammack and Fed Governor Lisa Cook dissented, calling for an immediate 0.25-percentage-point hike, while the committee upgraded its economic assessment to 'strong' from 'solid.'
- The decision comes six days before the November 3 midterm elections, where Democrats and Republicans vie for control of Congress amid inflation remaining a central campaign issue.
- President Donald Trump has challenged the Fed's independence during his second term, and the White House recently renewed efforts to remove Governor Cook despite a Supreme Court decision against an earlier attempt.
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While the price rise remains well above its target, the US central bank left its monetary policy unchanged on Wednesday 28 October, less than a week before the mid-term elections.
How major US stock indexes fared Wednesday 10/28/2026 – WTOP News
The bond market swung, while U.S. stocks held relatively steady after the Federal Reserve decided not to raise its main interest rate to bring down high inflation. The S&P 500 rose 0.3% Wednesday. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 0.3%. In the bond market, the two-year Treasury yield initially...
Fed Holds Rates Steady Before Midterms — Lisa Cook Breaks Ranks to Demand a Hike – 100PercentFedUp.com – by Isaac
The Federal Reserve voted 10-2 to hold rates at 3.75%-4.00% six days before the midterms, while Lisa Cook and Beth Hammack demanded another quarter-point hike.
The US central bank, the Federal Reserve, has kept interest rates steady within a range of 3.75% to 4%. Economic activity remains strong, but inflation remains high.
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