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Federal Reserve holds interest rates steady in split vote ahead of midterm elections

Federal Reserve officials voted 10-2 to keep interest rates unchanged, as elevated inflation continues to pose a problem for central bankers. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring a quarter-point rate hike. The Fed’s benchmark rates remained in the 3.75% to 4% range , as widely expected. A rate hike in December, however, appears far more likely, according to the Fed's dot plot and fed funds futures. Here are the key takeaways from the Fed’s stateme