The Federal Reserve announced that it would keep its benchmark interest rate unchanged at 3.50%–3.75%. The Fed stated that inflation remains above the 2% target, but the economy continues to expand at a solid pace. The rate decision was approved by a vote of 9 to 3, with Commissioners Hammack, Kashkari, and Logan voting in favor of a 25-basis-point rate hike. The Fed also highlighted strong productivity, resilient job growth, and continued ample reserves in the banking system.