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After three consecutive rate cuts, the Federal Reserve hit the pause button to keep the federal funds rate at 3.5% to 3.75%.

The central bank’s Federal Open Market Committee had two dissenters on the rate decision, with Fed Govs. Stephen I. Miran and Christopher J. Waller seeking to lower the target range by a one-quarter percentage point.

In announcing its decision, the Fed’s statement said, “Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated.”

The Fed added it remained “strongly committed to supporting maximum employment and returning inflation to its 2% objective.”