Fed interest rate announcement: live updates

Fed policymakers vote to hold interest rate will steady

As was expected by many prior to Wednesday’s decision the Federal Open Market Committee voted to keep overnight funds rate in a range between 3.75%-4%. However, it wasn’t a unanimous decision with two of the 12 FOMC members arguing for a quarter percentage point increase. 

In a statement FMOC said: “Economic activity is expanding at a strong pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.

“Inflation remains elevated. 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.”

The two votes to raise rates came from Lisa D. Cook and Beth M. Hammack.