The Federal Reserve voted to hold its benchmark interest rate steady at 3.5% to 3.75% on Wednesday, maintaining the policy target range established in January.
The decision was not unanimous, as three central bank officials dissented in favor of a quarter-point rate increase: Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan.
The hold puts an end to pre-meeting speculation that policymakers might move to raise rates. Expectations for a hike had been driven by views that Fed Chair Kevin Warsh would look to reinforce his inflation-fighting credentials early in his tenure.
By leaving borrowing costs unchanged, the Federal Open Market Committee now shifts market attention to its upcoming policy meeting in September.
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