US Fed holds rates at 3.75% to 4%; two officials vote for a hike

The US Federal Reserve kept its benchmark rate at 3.75% to 4% on October 28. Two members, Governor Lisa Cook and Cleveland Fed President Beth Hammack, dissented in favour of a quarter‑point increase.

The Fed said inflation remains elevated. Investors expect it to start raising rates in December, which would add pressure on the rupee and on foreign flows into India.