Federal Reserve Holds Rates

Wednesday’s meeting of the Federal Reserve resulted in a hold on benchmark interest rates of 3.75% to 4%, coming just before midterm elections. The Federal Open Market Committee voted 10-2 to keep rates steady while saying the economy is expanding at a strong pace. Despite global geopolitical developments, domestic spending has been resilient. The Feds say productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.