Fed votes to hold rates, despite growing dissent

The Federal Open Market Committee voted to hold the federal funds rate steady despite pressures. The committee’s majority voted to keep the rate at 3.5%-3.75%, but three members opposed the action, preferring to raise the rate.

Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.