Fed holds rates steady for 5th time

US Federal Reserve headquarters

The US Federal Reserve has maintained its benchmark interest rate for the fifth straight time at a target range of 3.50% to 3.75%.

Key takeaways from the Federal Open Market Committee's (FOMC) monetary policy statement, which was relatively brief, include:

-Nine members voted in favor of the statement.

-Beth Hammack, Neel Kashkari, and Lorie Logan dissented.

-The three members favored a 25-basis-point interest rate hike.

-Keeping interest rates unchanged supports the Federal Reserve's policy objectives.

 -The economy continues to grow at a solid pace despite heightened uncertainty.

-The elevated uncertainty stems from the conflict in the Middle East.

-Productivity and capital investment continue to post strong growth.

-Job creation is keeping pace with labor force growth.

-The unemployment rate has remained broadly unchanged.

-Inflation remains above the Federal Reserve's 2% target.

-This is largely due to supply-side shocks in certain sectors.

-The Federal Reserve continues to maintain ample reserves in the banking system.