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Fed Holds Rates Steady in 9-3 Vote, Keeps Policy Statement Largely Unchanged

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The Federal Open Market Committee maintained its target range for the federal funds rate at 3.50% to 3.75% on a 9-3 vote Wednesday afternoon, making few changes to its policy statement from the prior meeting.

Cleveland Federal Reserve President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan all dissented, preferring to raise the target range by 25 basis points.

The statement's only change was to note that the FOMC "is continuing its policy of maintaining ample reserves in the banking system," after saying it "reaffirmed" that policy at the prior meeting.

"The committee will deliver price stability," the statement repeated, while again citing solid economic expansion, elevated uncertainty and inflation still above the 2% goal.

There was no update to the Summary of Economic Projections at this meeting.

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