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Fed holds its policy rate steady as three members back a hike

The Federal Open Market Committee voted 9-3 to keep the federal funds rate in the 3.5% to 3.75% range despite rising support for increasing it.

Reported · Written up by our desk · Central Banks

The Federal Reserve’s rate decision was divided, with the Federal Open Market Committee choosing to keep its policy rate unchanged while three members backed an increase, CNBC reports.

In its decision, the committee voted 9-3 to leave the federal funds rate in a target range between 3.5% and 3.75%, maintaining current borrowing and lending conditions.

The split highlights that not all policymakers agreed on the appropriate direction for rates at this meeting, even as the overall decision remained steady.

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