# Federal Reserve holds rates at 3.75%–4% before US midterms

- URL: https://talkfuse.com/story/fed-likely-to-hold-rates-steady-ahead-of-midterms/
- Published: 2026-11-04T02:01:08+00:00
- Updated: 2026-11-04T11:55:01+00:00
- Original publisher: The Hill (publisher lean: Centre)
- Original article: https://thehill.com/business/6175539-fed-to-decide-interest-rates-midterms/
- Topics: Americas, Business, Economy, Elections, Politics, World

## Key points

- The Fed kept rates at 3.75%–4%.
- Two officials favoured a quarter-point increase.
- Warsh said the election played no role in the decision.

## Summary

The Federal Reserve held its benchmark interest rate at 3.75%–4% at its final meeting before the US midterm elections, leaving borrowing costs unchanged despite inflation remaining above its 2% target. The decision followed a September rate rise and leaves open the possibility of further increases as officials assess incoming economic information.

The vote was 10–2, with Lisa Cook and Beth Hammack favouring a quarter-point rise. Inflation reached 3.7% in September, while oil prices had climbed amid disruption linked to the conflict with Iran and the closure of the Strait of Hormuz. Chair Kevin Warsh said politics played no role in the decision; economists noted that rate rises are less effective against supply-driven inflation and can slow economic activity.

## Coverage

- [The Hill: Federal Reserve holds rates at 3.75%–4% before US midterms](https://thehill.com/business/6175539-fed-to-decide-interest-rates-midterms/)
- [Federal Reserve: Federal Reserve issues FOMC statement](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm)
- [The Guardian: Fed set to hold interest rates steady in last decision before midterms](https://www.theguardian.com/business/2026/oct/28/fed-interest-rates-midterms)

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.