The Federal Open Market Committee (FOMC) held the federal funds rate target range steady at 3.75%–4.00%, aligning with market expectations. The decision passed with a 10-2 vote, marking a notable split as two members dissented in favor of tighter policy. Federal Reserve Governor Lisa Cook and Cleveland Fed President Beth Hammack voted against holding rates, each advocating for a 25 basis point increase. The FOMC statement noted that economic activity continues to expand at a strong pace while inflation remains elevated. Fed Chair Warsh is scheduled to hold a press conference following the announcement.