The Fed Held at 3.75% to 4%. Two Officials Wanted a Hike.

Fox Business reported that the Federal Reserve on October 28 held the federal funds target at 3.75% to 4%. Policymakers voted 10-2. Cleveland Fed President Beth Hammack and Governor Lisa Cook preferred a quarter-point increase. The hold came after a quarter-point hike in September, which the report described as the first increase since July 2023. The committee said the economy is expanding at a strong pace, job growth has kept up with the workforce, and inflation remains elevated. Chair Kevin Warsh said inflation has run above the 2% goal for close to six years. A hold does not reset a fixed-rate mortgage or card balance already priced. It leaves the next move open: two voters wanted to tighten immediately, and the statement said more data will shape the stance.

Does the October 28 decision raise a fixed payment you already have? No. The Fed kept the target range where it was, so an existing fixed payment stays at the contract rate. A new loan can still be repriced by the lender.