# Two Fed Members Dissent as FOMC Holds Rates at 3.75% to 4% By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/42869 Published: 2026-10-28T19:28:13.000Z Updated: 2026-10-28T19:28:13.000Z Section: Regulation > Lisa D. Cook and Beth M. Hammack favored a 0.25 percentage point increase as September consumer inflation reached 3.7% over the year. The Federal Reserve held its federal funds target range at 3.75% to 4% Wednesday, Oct. 28, with two policymakers favoring a quarter-point increase as consumer inflation reached 3.7% over the year through September. The Federal Open Market Committee (FOMC) announced the decision at 2 p.m. ET (18:00 UTC), approving the hold in a 10-2 vote. The committee last changed the range in September, when it raised rates by 0.25 percentage point. FOMC members Lisa D. Cook and Beth M. Hammack dissented, each preferring a 0.25 percentage point increase. They were the only two members to vote against keeping the target range steady. The consumer price index (CPI) rose 3.7% over the 12 months through September, compared with 3.4% through August. The energy index climbed 20.4% over the year, while gasoline prices rose 9.1% in September. The CPI report was released at 8:30 a.m. ET Oct. 14. The producer price index (PPI) for final demand increased 6.3% over the 12 months through September, unadjusted. Final-demand energy prices increased 10.8% in September, a September figure distinct from the PPI's 12-month rise. The PPI report was released at 8:30 a.m. ET Oct. 15. The FOMC characterized the economy as strong and said domestic spending had held up. It said inflation remained elevated and that more information would help determine the policy stance needed to return inflation to its 2% goal. The statement did not commit to a particular next move. The federal funds target range sets the Fed's desired band for the overnight rate at which banks lend reserve balances to one another. Changes to the federal funds rate can affect other interest rates and credit conditions, influencing borrowing conditions across the U.S. economy. Before the meeting, [another rate increase remained possible]() as inflation stayed elevated. The October vote kept the range unchanged while leaving the committee's next policy move open. ## Links in this article - [another rate increase remained possible](https://www.tokenpost.com/news/regulation/41855)