Fed keeps rate range at 3.75%–4% as two officials dissent

The Federal Open Market Committee said it "decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent". The vote was 10–2. Lisa D. Cook and Beth M. Hammack dissented and "preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting." The statement said "Economic activity is expanding at a strong pace." and "Inflation remains elevated." It added: "The Committee will deliver price stability."