US Fed keeps interest rates unchanged despite 'elevated' inflation

The Federal Reserve voted with 10-2 on Wednesday to keep its benchmark interest rate unchanged at 3.75% to 4%, citing "elevated" inflation. It said it would wait for the "accumulation of more information" before making further decisions. The US reported an inflation rate of 3.7% in September, above the Federal Open Market Committee's (FOMC) 2% target.