White House / President·Economy
Fed holds rates at 3.75% to 4% in a 10-2 vote; Cook and Hammack wanted a hike as Warsh says inflation must come down
The Federal Reserve kept its benchmark rate at 3.75% to 4% on Wednesday by a 10-2 vote, saying "inflation remains elevated" while the economy is "expanding at a strong pace"; Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a quarter-point increase, the Fed's statement said. Chairman Kevin Warsh said "it's our responsibility to get inflation down," and that energy prices have moved higher again in recent weeks because of the Iran war, the Washington Examiner reported. President Trump has been pushing for lower rates, the Examiner noted.
Sources
- Federal ReserveFederal Reserve issues FOMC statement (Oct. 28, 2026)
- Washington ExaminerFed holds interest rates steady before elections, with two dissents