The Federal Reserve has maintained the federal funds rate at a target range of 3.5 percent to 3.75 percent, leaving its benchmark rate unchanged for a fifth consecutive meeting.
The Federal Open Market Committee approved the decision by a 9–3 vote, with Beth Hammack, Neel Kashkari and Lorie Logan favoring a 0.25 percentage point increase. The committee said economic activity continues to expand at a solid pace despite elevated uncertainty related in part to the conflict in the Middle East, according to a statement from the Federal Open Market Committee.
Employment growth has remained broadly in line with labor-force growth, and the unemployment rate has changed little, according to the Fed. Inflation, however, remains above the central bank’s 2 percent objective, reflecting continued supply shocks, particularly in the energy sector.
Commercial real estate does not nece
