News alert: Fed holds rates — but two wanted a hike
Wednesday, October 28, 2026
The Federal Reserve held its benchmark rate at 3.75%–4% on Wednesday, with Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a quarter-point increase. It marked the first dissent of Cook’s career at the central bank — notable given that President Trump has been trying to remove her from the board. With inflation running at 3.7% and traders putting the odds of a December hike at 78%, the hold appears to be a pause rather than a pivot.
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The Fed is expected to leave interest rates alone on Wednesday. Some economists expect Fed Chair Kevin Warsh to hint at more hikes after last month's increase. Inflation has since risen to 3.7%, further from the Fed's 2% target. Traders are betting the next hike will come in December.
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