The Federal Reserve kept its benchmark interest rate in a range of 3.75% to 4% in a decision made six days before the midterm elections. The Open Market Committee voted 10-2, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a 0.25 percentage-point increase. The Fed said economic activity was expanding at a strong pace and that accumulating more information would help determine the policy needed for inflation to return to its 2% target. In September, consumer prices had risen 3.7% from a year earlier, while core inflation reached 2.6%, exceeding forecasts. Chair Kevin Warsh did not provide any signal about the Fed’s next move.
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