WASHINGTON, D.C., UNITED STATES — The Federal Reserve’s policy committee voted 10-2 on Oct. 28 to leave its benchmark interest rate unchanged, with both dissenters favoring an increase. Policymakers described a labor market in which job gains have kept pace with the workforce and the unemployment rate has changed little. The Federal Open Market Committee (FOMC) kept the target range for the federal funds rate at 3.75% to 4%, it said in a statement on Oct. 28. Lisa D. Cook and Beth M. Hammack voted against the decision, preferring to raise the range by a quarter percentage point at this meeting. “Inflation remains elevated,” the committee said.
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