Fed Holds Rates, With Two Votes for Another Hike - Eye On Housing

The Federal Reserve maintained the federal funds rate at a target range of 3.75% to 4% at the conclusion of its October policy meeting. Approved by a 10–2 vote, the decision followed September’s quarter-point increase. Federal Open Market Committee members Lisa Cook and Beth Hammack dissented, supporting another 25-basis-point increase for October. The Federal Open Market Committee (FOMC) upgraded its assessment of economic growth, describing activity as expanding at a “strong pace,” compared with a “solid pace” in September. This change suggests greater confidence in the economy’s momentum despite elevated uncertainty. The committee also cited resilient domestic spending.