The Federal Open Market Committee (FOMC) voted Wednesday to hold its benchmark rate unchanged, keeping the overnight federal funds target range at 3.75%-4%. The decision passed 10-2. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a 25-basis-point increase. The FOMC statement said inflation remains elevated and that the committee will gather more information to determine the appropriate policy stance and return inflation to its 2% target in a timely manner. It described economic activity as expanding at a strong pace, an upgrade from September’s “solid” description. Markets had broadly expected rates to remain unchanged, with futures pricing implying less than a 10% chance of an increase. Fed Chair Kevin Warsh will hold a press conference at 2:30 p.m. ET.