US Fed holds interest rates steady, says committed to fighting inflation

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 percent and 4.00 percent, citing the need for more data in the fight against price increases. Policymakers raised rates for the first time in three years at their previous meeting in September.

Two members of the committee, Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, calling instead for an immediate 0.25-percentage-point rate hike.

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