Federal Reserve leaves interest rates unchanged despite rising inflation

The Federal Reserve maintained interest rates in its final major decision before the midterm elections, despite rising inflation. The Federal Open Market Committee voted 10-2 to hold the benchmark federal funds rate within a range of 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack provided the dissenting votes in this decision. This reporting, provided by Bloomberg's Michael McKee, confirms the central bank's current stance on monetary policy and benchmark rate stability.