The Federal Reserve voted Wednesday to keep benchmark interest rates on hold, opting to take a patient approach in its fight against inflation despite mounting evidence that price pressures are proving more nettlesome than policymakers had hoped.
In a widely expected decision, the Federal Open Market Committee kept the overnight funds rate in a range between 3.75%-4%, where it has been since the central bank approved a quarter percentage-point increase in September.
"Inflation remains elevated," the post-meeting statement said. "The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2 percent goal. The Committee will deliver price stability."
Two of the 12 FOMC voters dissented from the decision – Governor Lisa Cook and Cleveland Fed President Beth Hammack, both of whom wanted the committee to raise rates by a quarter percentage point.
Cook has been at the center of a continuing controversy in which President Donald Trump has tried to remove her from office over allegations concerning information she provided on home loan applications. While the Supreme Court stopped the president's attempts, the administration has restarted the move, with a hearing scheduled in early November.