FED HOLDS RATES AT 3.75-4.00%, 10-2 VOTE WITH TWO DISSENTS IN FAVOR OF A HIKE Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a 25-basis-point hike. The Fed said the accumulation of more information will help determine the appropriate policy stance. • Inflation remains elevated • Economic activity is expanding at a "strong" pace • Job gains have kept pace with the workforce, and the unemployment rate has changed little • Productivity growth is strong and capital investment is robust • Domestic spending has been resilient despite elevated uncertainty