WASHINGTON—The Federal Reserve voted 10-2 Wednesday to leave its benchmark interest rate unchanged at 3.75% to 4%, but two policymakers dissented, calling for a quarter-percentage-point increase as the central bank continues to battle elevated inflation. In its Oct. 28 policy statement, the Federal Open Market Committee said economic activity continues to expand at a strong pace, supported by resilient consumer spending, strong productivity growth and robust capital investment. The Fed also said job gains have kept pace with workforce growth and unemployment has changed little, despite continued uncertainty related partly to geopolitical developments.
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