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Business & Finance · October 28, 2026

Federal Reserve holds interest rates steady as midterm elections loom

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The Federal Reserve voted to maintain the benchmark interest rate at its current level during its October meeting, the final policy decision before the upcoming midterm elections. Following a quarter-percentage-point increase in the prior month, Fed Chair Kevin Warsh announced that policymakers opted for a pause to evaluate incoming economic data, as inflation reached a 3.7% annual rate in September. Additionally, the central bank announced plans to reduce its annual meeting frequency starting next year.

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Reported by multiple outlets

  • The Federal Reserve held its benchmark interest rate steady on Wednesday, October 28.
  • Kevin Warsh is the current Federal Reserve Chair.
  • Inflation was reported at 3.7% in September.
  • The Federal Reserve's target inflation rate remains 2%.
  • This was the final interest rate decision before the midterm elections.

Reported by only some outlets

  • The benchmark interest rate is currently between 3.75% and 4%.
  • The central bank plans to reduce the number of meetings from eight to seven next year and further in 2028.
  • Inflation increased from a 3.4% rate in August to 3.7% in September.
  • The Fed raised interest rates by a quarter-percentage point in the previous month, its first hike in three years.

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CadNews does not determine absolute truth or endorse political viewpoints. It compares publicly available reporting, identifies shared facts, highlights framing differences, and flags uncertainty.