US Federal Reserve holds interest rates steady between 3.75 and 4.00%

The US Federal Reserve held interest rates steady at 3.75 to 4.00% in a 10-2 vote on Wednesday, citing the need for more inflation data ahead of midterm elections.

Two committee members, Lisa Cook and Beth Hammack, dissented and called for an immediate 0.25-percentage-point rate hike as inflation remained above the 2% target.

The decision drew criticism from President Donald Trump, who renewed calls for rate cuts while facing political pressure over working-class economic struggles.