# Fed Holds Rates Steady in 10-2 Vote as Cook and Hammack Dissent in Favor of a Hike

*2026-10-29 03:00 UTC · Business · 1 min read*

> The Federal Reserve left its target rate unchanged on October 28, with two officials wanting a quarter-point increase.

The Federal Reserve's policy committee voted 10-2 on October 28 to keep its federal funds rate target unchanged. Lisa D. Cook and Beth M. Hammack dissented, both preferring to raise the target range by a quarter percentage point.

The statement says "Inflation remains elevated" and describes economic activity as "expanding at a strong pace," with resilient domestic spending. It adds that job gains have kept pace with the workforce and the unemployment rate has changed little. The Fed is also continuing to maintain ample reserves in the banking system.

The two dissents in favor of tightening signal that part of the committee sees inflation risks as outweighing a pause. The committee said further information will help it set a stance that returns inflation to its 2 percent goal in a timely way.

## Sources

- [federalreserve.gov](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm)

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