The Federal Reserve on Wednesday held its benchmark interest rate steady, in a range of 3.5 percent to 3.75 percent.
Nine voting members of the Fed’s monetary policy unit, the Federal Open Market Committee, voted to keep rates unchanged. Three regional presidents dissented, preferring to increase the benchmark rate by one quarter of a percentage point. John Williams, the New York Fed president, and Anna Paulson of the Philadelphia Fed, voted with the majority, as did all seven Fed governors.
“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job...
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