Fed Holds Steady on Interest Rate as Some Committee Members Push for Hike

The Federal Reserve decided to keep its key interest rate at 3.50%-3.75% for the fifth consecutive meeting on Wednesday, as widely expected.

This decision was made despite dissent from three Federal Open Market Committee members: Cleveland Fed President Beth M. Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie K. Logan.

These officials voted to raise the interest rate, which suggests that some committee members believe a hike is necessary to combat inflation or other economic concerns.