FED HOLDS AT 3.75% TO 4%, TWO DISSENTS WANT A 25BP HIKE. Cook and Hammack voted to tighten, and the statement still calls inflation elevated while activity expands at a strong pace. That is a hawkish

What happened: The FOMC approved its statement by a 10 to 2 vote, keeping the target range for the federal funds rate at 3-3/4 to 4 percent and continuing its policy of maintaining ample reserves in the banking system. Key numbers: Target range held at 3-3/4 to 4 percent. Vote was 10 to 2. Inflation goal is 2 percent. Why it matters: Lisa D. Cook and Beth M. Hammack voted against the action, preferring a 1/4 percentage point hike. The Committee said inflation remains elevated and that more information will help determine the appropriate policy stance.

The FOMC approved its statement by a 10 to 2 vote, keeping the target range for the federal funds rate at 3-3/4 to 4 percent and continuing its policy of maintaining ample reserves in the banking system.

Lisa D. Cook and Beth M. Hammack voted against the action, preferring a 1/4 percentage point hike. The Committee said inflation remains elevated and that more information will help determine the appropriate policy stance.