FOMC keeps rates the same

The Federal Open Market Committee voted to keep the federal funds rate target range at 3.75% to 4%, though two members preferred an increase.

Fed Governor Lisa Cook and Cleveland Fed President Beth Hammock dissented, preferring a 25-basis-point rate increase.

In a statement, the FOMC said job gains have kept pace with the workforce and the unemployment rate has changed little, while inflation remains elevated.

“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% goal,” it said.