The Federal Reserve held its benchmark rate at a range of 3.75% to 4.00% on a 10-2 vote in the committee, according to The Hindu.

The two members who dissented, Governor Lisa Cook and Cleveland Fed President Beth Hammack, called for an immediate 0.25-percentage-point rate hike. The decision came six days before the midterm elections, amid an affordability crisis fueled by persistent inflation, according to El País.