New Delhi, Oct. 29 -- The US Federal Reserve maintained a status quo on interest rates on Wednesday, 28 October, in sync with what market participants and experts expected, even as the central bank said inflation remains elevated while economic activity growing strongly.

The Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate at 3.75% to 4%, which was raised to this level on 16 September this year, marking the first US Fed interest rate hike since 2023.

The FOMC approved the policy decision by a 10 - 2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a 25-basis-point rate hike.

"Economic activity is expanding at a strong pace. While uncertaint...