By Townhall Chicago News Staff
The Federal Reserve held its benchmark interest rate steady Wednesday at a range of 3.75% to 4%, with two policymakers dissenting, as the last pre-election economic data arrive Thursday.
Federal Reserve Chair Kevin Wash announced the decision following the central bank’s latest policy meeting. “The FOMC decided to maintain the target rate for the federal funds rate at 3 3/4 to 4%,” Wash said.
The decision keeps rates unchanged after a rate increase in September, according to the broadcast report. Two members of the Federal Open Market Committee dissented from the decision; their positions were not detailed in the report.
Third-quarter gross domestic product and inflation data are due for release Thursday, the final such reports before Tuesday’s election. Stock futures were mixed ahead of the data release, with Dow futures up 300 points and Nasdaq futures down 300 points.
Inflation has remained elevated, factoring into the central bank’s decision to hold rates steady. The Fed’s next policy meeting has not yet been scheduled.
