Members of the Federal Open Market Committee (FOMC) left rates unchanged this month amid strong expansion in economic activity, productivity growth, and capital investment. “As we widen the frame to survey the broad economic and financial picture, real activity is clearly pointing in the right direction,” Fed Chairman Kevin Warsh said during the FOMC press conference. “But inflation is too high.” Members of the FOMC voted 10-2 to leave the target range for the federal funds rate at 3.75%-4.0% “in support of the Federal Reserve’s dual mandate,” according to the October 28 press release announcing the decision. The two dissenting votes were from Fed Governors Lisa D. Cook and Beth M.
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