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Vol. 3 · No. 304 Every side. Side by side. Saturday, October 31, 2026
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Fed holds rates at 3.75%-4% in last meeting before midterms

The Federal Reserve left its benchmark rate unchanged on Oct. 28 in a 10-2 vote, Chair Kevin Warsh saying inflation was still too high and that politics did not drive the pause, outlets reported.

By AI reporterPRESSElena Marsh · WhatsNewPaper Desk
Developing story: what's new
  1. Our desk filed its story
  2. Still developing
  3. New headline Was: “Fed holds interest rates steady in last decision before midterms”
  4. Our desk filed its story
  5. Still developing
  6. New headline Was: “Federal Reserve holds rates at 3.75%–4% before midterms”
  7. The Guardian, ABC News and 36 more are now reporting this
  8. New headline Was: “Fed expected to hold rates as Warsh faces questions on next hike”
5 earlier updates
  1. Our desk updated its story
  2. First reported by CNBC
  3. New headline Was: “Fed expected to hold rates steady, but Warsh may point way to more hikes”
  4. Our desk filed its story
  5. New headline Was: “The Fed Is Expected to Hold Rates Steady. Warsh Will Have to Explain Why.”

Wire reporting: (AFP, via IOL)

The Federal Reserve left its benchmark interest rate unchanged on Wednesday, Oct. 28, in a 10-2 vote that kept the federal funds target in a 3.75% to 4% range, six days before U.S. midterm elections1,3,4.

The pause followed a quarter-point increase in September, described as the first hike in three years2,3. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring another quarter-point rise1,5.

Chair Kevin Warsh, speaking after the meeting, said inflation remained too high and that energy prices had moved higher again in recent weeks3,5. The committee's statement said inflation remains elevated and that more information would help it set policy aimed at a timely return to the 2% goal1,4.

Warsh told reporters the FOMC needed more data to set the stance that would bring inflation back to 2%3. IOL, carrying AFP, quoted him saying politics played no role in the decision5.

September consumer prices rose 3.7% from a year earlier, up from 3.4% in August, with energy costs a large factor, CBS News and Al Jazeera reported2,4. Core CPI, excluding food and energy, was 2.6% in the CBS News account2.

The statement described economic activity as expanding at a strong pace, which CNBC said appeared firmer than the September wording of solid1,4. Al Jazeera quoted the Fed saying job gains had kept pace with the workforce and that the unemployment rate had changed little4. ABC News, in a pre-decision report, cited 29,000 jobs added in September6.

President Donald Trump has publicly pressed for lower rates; ABC News cited a post after the September hike demanding they come down, and CBS News said he has long urged easier borrowing costs2,6. Trump nominated Warsh, CNBC noted, and has argued the funds rate should be much lower1.

Markets had priced a hold as highly likely. ABC News put CME FedWatch odds of no change near 90% and a December quarter-point hike near 75%6. CNBC said futures pointed to a possible December move and perhaps further increases in 20271. Al Jazeera listed the next meeting as Dec. 8-94.

What officials will do then is not settled in this week's statement. Warsh has avoided firm forward guidance, CNBC reported1. Yonhap said he also announced that in 2027 one of eight FOMC meetings would not take a rate vote3.

Sources

  1. CNBCFed holds rates steady despite concerns over inflation
  2. CBS NewsFederal Reserve holds interest rates steady even as inflation remains high
  3. Yonhap(3rd LD) Fed holds key interest rate steady; Warsh says inflation 'too high'
  4. Al JazeeraFed leaves interest rates unchanged despite inflation in the US
  5. (AFP, via IOL)US Fed holds interest rates steady despite 'too high' inflation
  6. ABC NewsFederal Reserve holds interest rates steady as midterm elections loom

Read the original at CNBC ↗

How it’s being reported

6 sources

First reported by CNBCCNBC

CNBCCBS NewsYonhapAl JazeeraABC NewsIOL

Where they agree

  • The Fed held the funds rate at 3.75%-4% on Oct. 28.
  • The vote was 10-2.
  • September CPI was about 3.7% year over year.
  • The next scheduled decision is in December.

Where they differ

Whether election timing shaped the hold

Side by side

Each outlet's article broken down by our newsroom, in our own words. To read what they wrote, use the button under each one.

CNBCCNBC

Fed holds rates steady despite concerns over inflation

The 10-2 vote, statement language on elevated inflation, and markets pricing a possible December hike.

CNBC reported a 10-2 hold at 3.75%-4% after September's hike, with Cook and Hammack dissenting for a quarter-point increase.

The 10-2 vote, statement language on elevated inflation, and markets pricing a possible December hike.

What it reports

  • The FOMC kept the funds rate in a 3.75%-4% range, unchanged since a quarter-point increase in September.
  • Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a quarter-point hike.
  • The statement said inflation remains elevated and that more information would guide a return to the 2% goal.
  • CNBC said activity was described as expanding at a strong pace, an upgrade from solid in September.
  • Futures pricing pointed to a possible hike at the December meeting.
Read the original at CNBC Read the full article at CNBC
CBS NewsCBS News

Federal Reserve holds interest rates steady even as inflation remains high

Household borrowing costs and September CPI at 3.7%.

CBS News said the Fed held after September's first hike in three years, citing 3.7% CPI and the approaching midterms.

Leaves out The names of the two dissenting voters.

Household borrowing costs and September CPI at 3.7%.

What it reports

  • The Fed left the funds rate at 3.75% to 4% after raising it in September for the first time in three years.
  • CBS News said September CPI rose 3.7% year over year, with core inflation at 2.6%.
  • Many economists, CBS News reported, still expect a December increase.
  • President Trump has long urged the central bank to ease borrowing costs.
  • A LendingTree analyst said holiday debt could become costlier if December brings a hike.

Leaves out The names of the two dissenting voters.

Read the original at CBS News Read the full article at CBS News
YonhapYonhap

(3rd LD) Fed holds key interest rate steady; Warsh says inflation 'too high'

Warsh's press-conference remarks and South Korea rate-gap context.

Yonhap reported Warsh called inflation too high, cited energy prices, and described a 10-2 hold after the September hike.

Warsh's press-conference remarks and South Korea rate-gap context.

What it reports

  • Yonhap said the FOMC voted 10-2 to keep the rate in a 3.75%-4.00% range.
  • Chair Kevin Warsh said inflation remained too high and that energy prices had moved higher again.
  • Warsh said the committee needed more data for a timely return of inflation to 2%.
  • He announced that in 2027 one of eight FOMC meetings would skip a rate vote.
  • Yonhap noted the U.S.-South Korea policy-rate gap remained as wide as 1 percentage point.
Read the original at Yonhap Read the full article at Yonhap
Al JazeeraAl Jazeera

Fed leaves interest rates unchanged despite inflation in the US

The statement on growth and the December 8-9 meeting date.

Al Jazeera reported a 10-2 hold at 3.75-4%, quoting the Fed on strong activity and citing September CPI of 3.7%.

Leaves out The identities of the dissenting members.

The statement on growth and the December 8-9 meeting date.

What it reports

  • Al Jazeera said the Fed would maintain rates at 3.75-4% after a 10-2 vote.
  • The Fed said economic activity was expanding at a strong pace and job gains had kept pace with the workforce.
  • September CPI was 3.7%, up from 3.4% in August, with energy prices a large factor.
  • Governor Michelle Bowman had earlier described a wait-and-see approach.
  • The next FOMC meeting was listed as Dec. 8-9, with forecasts pointing to a quarter-point increase.

Leaves out The identities of the dissenting members.

Read the original at Al Jazeera Read the full article at Al Jazeera
ABC NewsABC News

Federal Reserve holds interest rates steady as midterm elections loom

Midterm timing, September jobs of 29,000, and Trump's public pressure for lower rates.

ABC News previewed the meeting, citing about 90% odds of a hold and 75% odds of a December hike on CME FedWatch.

Leaves out Post-meeting vote details in the version we could read, which was largely a pre-decision wrap.

Midterm timing, September jobs of 29,000, and Trump's public pressure for lower rates.

What it reports

  • Markets put the chance of a Wednesday hold at about 90% on CME FedWatch, ABC News reported.
  • Odds of a quarter-point hike in December were pegged at 75%.
  • ABC News cited September CPI at 3.7% and 29,000 jobs added that month.
  • It said Trump posted after September's hike calling for lower rates, and fast.
  • Deutsche Bank Research was cited as saying the midterms would not be a primary consideration.

Leaves out Post-meeting vote details in the version we could read, which was largely a pre-decision wrap.

Read the original at ABC News Read the full article at ABC News