Fed Holds Interest Rates Steady at Final Meeting Before Election

The Federal Reserve held interest rates steady Wednesday at its final monetary policy meeting before the midterm elections, despite mounting inflationary pressures that have pushed consumer and wholesale prices sharply higher since September. The Federal Open Market Committee (FOMC) maintained its benchmark federal funds rate at a target range of 3.75% to 4.00%, pausing after raising rates by 25 basis points in September for the first time since 2023. The decision came less than a week before voters head to the polls, with inflation and the cost of living ranking among Americans’ top concerns ahead of the elections.

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