JUST IN: THE FED LEAVES RATES UNCHANGED AT 3.50%-3.75% ๐บ๐ธ
The vote was 9-3, and all three dissenters wanted a hike.
Cleveland's Hammack, Minneapolis's Kashkari, and Dallas's Logan each dissented in favor of a 25 basis point increase.
The statement says inflation remains elevated relative to the 2% goal, partly on supply shocks in sectors including energy, while economic activity expands at a solid pace, job gains keep pace with the workforce, and productivity growth and capital investment are strong.
A hold with three votes pushing the other direction. The pressure inside the room is for higher, not lower.
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