The US Federal Reserve on Wednesday held interest rates steady, in line with market expectations, days ahead of crucial midterm elections where surging inflation has been a key issue.
The 12-member Federal Open Market Committee voted 10-2 to hold rates at a target range between 3.75 to 4.00 per cent, citing the need for more data in the fight against inflation, after having hiked for the first time in three years at its previous meeting in September.
“The accumulation of more information will help the committee determine the policy stance appropriate to ensure a timely return of inflation to the committee’s 2 per cent goal,” the Fed said in a statement announcing its decision.