FED HOLDS RATES, TWO GOVERNORS DISSENT FOR HIKE

The Federal Reserve kept its benchmark rate at 3.75%-4.00% on October 28, a decision passed by a 10-2 vote. Governors Lisa Cook and Beth Hammack dissented, preferring to raise the range by a quarter point instead. The committee described economic activity as expanding at a strong pace even as inflation remains elevated above target. The hawkish split keeps a rate hike on the table for the Fed's next meeting in December, a reversal from the cutting cycle markets priced in just months ago. $TLT