Fed leaves rates unchanged

The US Federal Reserve kept its benchmark rate in the 3.75 percent to 4.00 percent range on Wednesday, Business Recorder reported, with policymakers voting 10-2. The decision matched expectations and leaves changes to borrowing costs until after next week’s US midterm elections, while officials assess further inflation data.

The Fed described economic activity as strong, up from its previous assessment of solid, and said inflation remains elevated. Two officials dissented in favor of a quarter-percentage-point increase, while the policy statement signalled that future moves will depend on inflation; investors continue to anticipate hikes from December into 2027. US stocks trimmed gains slightly, Treasury yields rose, and the 10-year yield reached 5.028 percent.