The Federal Reserve on Wednesday decided to keep its benchmark interest rate unchanged in the 3.75%-4.00% range, following a 25 basis point hike last month. The Federal Open Market Committee (FOMC) approved the decision with a vote of 10 in favor and 2 against. Fed Chair Warsh stated that inflation remains "too high" and needs to be brought under control. In its statement, the Fed noted that the Committee will continue to maintain ample reserves in the banking system.