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The Federal Reserve held its benchmark rate at 3.75%–4.00% on October 28, with two FOMC members dissenting in favor of a 25-basis-point hike. Lisa Cook and Beth Hammack voted against the decision.
Why it matters
The dissent signals that some officials see a case for tighter policy even as the committee holds rates steady. The Fed said economic activity is expanding at a strong pace, supported by domestic spending, productivity growth and capital investment, while inflation remains elevated.
Market impact
The decision leaves rates unchanged, but the split adds a hawkish signal for investors assessing the next policy move. The FOMC said it will weigh incoming data as it works toward returning inflation to its 2% target.
Source: [Federal Reserve issues FOMC statement — Board of Governors of the Federal Reserve System](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm)
Frequently asked questions
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How did Lisa Cook and Beth Hammack vote?
Both dissented from the decision to hold rates and favored a 25-basis-point hike.
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What rate range did the Fed maintain?
The Federal Reserve maintained its federal funds target range at 3.75%–4.00%.
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What did the Fed say about inflation?
The FOMC said inflation remains elevated and reiterated its goal of returning it to 2%.
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How did the Fed describe economic activity?
The committee said activity continues to expand at a strong pace, supported by domestic spending, productivity growth and capital investment.
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What will guide the Fed's next policy decisions?
The FOMC said it will assess incoming data to determine the appropriate policy stance.
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