Federal Reserve officials held interest rates steady Wednesday despite stubborn inflation. The central bank’s Federal Open Market Committee (FOMC) voted 10-2 to keep the benchmark federal funds rate range at 3.

Forecasters expect Federal Reserve officials to hold their benchmark for short-term interest rates steady Oct. 28 even as inflation remains elevated.

The Federal Reserve is keeping rates the same after a 0.25 percent hike earlier this fall. Rates will now stay between 3.75 to 4 percent. The vote was 10-2, as both Beth Hammack and Lisa Cook wanted the “target range” to increase another 0.25 percent, according to a press release.

The Federal Reserve on Wednesday left interest rates unchanged at 3.37%-4.00%, less than a week before Election Day.

The data is in. The Federal Open Market Committee just needs to figure out what to do with it. The Fed's monetary policy group meets this week for the fifth time this year. Its task: Make sense of a messy economic environment, one in which longer term ...

Fed Chairman Kevin Warsh said that the looming midterm elections didn’t dissuade Fed officials from raising rates this week. “Politics played no role in the decision,” Warsh said. During the Fed’s meeting this week,