Fed holds interest rates steady before elections, with two dissents

The Federal Reserve voted to hold its interest rate target steady during its final monetary policy meeting before the midterm elections. This decision, which investors largely anticipated, keeps borrowing costs unchanged as Americans prepare to vote. The move occurred after a two-day meeting in Washington, addressing persistent concerns over high inflation. While the decision was mostly expected, markets remained on edge due to the possibility of a rate hike occurring just before the upcoming election cycle.