# Fed Holds Rates at 3.75% to 4% as Two Officials Back a Hike By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/43896 Published: 2026-10-29T21:09:15.000Z Updated: 2026-10-29T21:09:15.000Z Section: Regulation > September’s core PCE index, which excludes food and energy, rose 3.1% year over year and 0.3% from August. The Federal Open Market Committee (FOMC) held the federal funds target range at 3.75% to 4% Wednesday, with two officials favoring a quarter-point increase in a 10-2 vote. Lisa D. Cook and Beth M. Hammack dissented in favor of the increase. The other 10 voters supported keeping the range unchanged. BTSE Chief Operating Officer Jeff Mei had expected the Fed to hold rates, as discussed in [an earlier rate outlook](). The Bureau of Economic Analysis (BEA) released its September Personal Income and Outlays report at 8:30 a.m. ET (12:30 UTC) Thursday, Oct. 29. The personal consumption expenditures (PCE) price index rose 0.5% from August and 3.6% year over year. Core PCE, which excludes food and energy, rose 0.3% month over month and 3.1% year over year. ## Links in this article - [an earlier rate outlook](https://www.tokenpost.com/news/investing/40830)