Fed Holds Rates at 3.75% to 4.00% in Divided 10-2 Vote

The Federal Reserve kept its benchmark interest rate unchanged at 3.75% to 4.00% on Wednesday following a 10-2 FOMC vote. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, favoring an immediate 25-basis-point increase amid elevated inflation. Policymakers upgraded their assessment of economic expansion from 'solid' to 'strong.' Financial markets showed muted reactions to the widely anticipated pause: the S&P 500 edged up 0.16%, while Bitcoin traded near $80,950 after briefly touching $81,185. Futures markets are pricing in a high probability of a rate hike at the December 8-9 meeting.