The US Federal Reserve has left its benchmark interest rate unchanged in a range of 3.75% to 4% as inflation remains stubbornly high. The decision was announced on Wednesday, October 28, 2026, at the end of the Federal Open Market Committee’s (FOMC) October meeting. It was widely expected by markets.

The committee voted 10-2 to hold. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, with both favouring a quarter-percentage-point increase. The rate has stayed in the current range since the Fed raised it by a quarter point in September.

In its statement, the FOMC said inflation remains elevated and that more information will help it decide the right policy stance to return inflation to its 2% goal in good time. Policymakers have cited persistently high energy prices as one source of price pressure, and analysts said the Fed wanted more time to digest incoming data before moving again.

At a press conference after the meeting, Fed Chair Kevin Warsh said economic growth has been positive. He also dismissed suggestions that next Tuesday’s US midterm elections influenced the decision, saying politics played no role. Warsh additionally said the central bank plans to reduce the number of rate-setting meetings in coming years.

With rates staying put, analysts say US consumers are unlikely to see much relief on borrowing costs for now. Markets will watch inflation data closely for signs of whether the Fed will resume tightening or stay on hold.