Title: Fed holds rates steady despite concerns over inflation URL Source: https://www.cnbc.com/2026/10/28/fed-interest-rate-decision-october-2026.html Published Time: 2026-10-28T18:00:18+0000 Markdown Content:  watch now The [Federal Reserve](https://www.cnbc.com/federal-reserve/) voted Wednesday to keep benchmark interest rates on hold, opting to take a patient approach in its fight against inflation despite mounting evidence that price pressures are proving more nettlesome than policymakers had hoped.
In a widely expected decision, the Federal Open Market Committee kept the overnight funds rate in a range between 3.75%-4%, where it has been since the central bank approved a quarter percentage point increase in September.
“Inflation remains elevated,” the [post-meeting statement said](https://www.cnbc.com/2026/10/28/fed-statement-redline-october-2026.html). “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 percent goal.
The Committee will deliver price stability.” ## [](https://www.cnbc.com/2026/10/28/fed-interest-rate-decision-october-2026.html)Two voters dissented Two of the 12 FOMC voters dissented from the decision – Governor Lisa Cook and Cleveland Fed President Beth Hammack, both of whom wanted the committee to raise rates by a quarter percentage point.
Cook has been at the center of [a continuing controversy](https://www.cnbc.com/2026/08/07/trump-lisa-cook-federal-reserve.html) in which President [Donald Trump](https://www.cnbc.com/donald-trump/) has tried to remove her from office over allegations concerning information she provided on home loan applications.
While the [Supreme Court stopped](https://www.cnbc.com/2026/06/29/supreme-court-lisa-cook-trump-federal-reserve.html) the president’s attempts, the administration has restarted the move, with [a hearing scheduled for early November](https://www.cnbc.com/2026/10/09/trump-lisa-cook-fed-firing-committee-explained.html).