FOMC

Kevin Warsh, smiling, in a dark suit and tie, stands in front of a row of American flags and gold curtains.

The Fed Held Rates at 3.75 to 4 Per Cent, and Two Officials Voted for a Hike. The Next Morning, Core Inflation Came In at 3.1 Per Cent.

The Federal Reserve kept its target range at 3.75 to 4 per cent on Wednesday by a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack voting for a quarter-point increase. On Thursday the government reported growth of 3.4 per cent in the third quarter and core PCE inflation of 3.1 per cent in September. The next decision is due on 9 December.

By Daniel Okafor 23 minutes ago

A large bronze ring lettered Federal Reserve Bank San Francisco hangs at the entrance of a vaulted concrete arcade, with overhead cables crossing in front of it.

The Long View

The Fed Now Counts the AI Buildout as an Inflation Problem. Most Officials Expect Another Rate Rise This Year.

Minutes of the Federal Reserve's September meeting show every participant supported raising rates to a range of 3.75 to 4 per cent, and most expect another increase by the end of the year. Tariffs, the main inflation story of 2025, are fading. Spending on artificial intelligence and energy are taking their place.

By Cory Chamberlain October 8, 2026

Tagged stories

The Fed Held Rates at 3.75 to 4 Per Cent, and Two Officials Voted for a Hike. The Next Morning, Core Inflation Came In at 3.1 Per Cent.

The Fed Now Counts the AI Buildout as an Inflation Problem. Most Officials Expect Another Rate Rise This Year.