FOMC Votes to Hold Rates Steady

The Federal Open Market Committee (FOMC) voted Wednesday to keep rates steady, maintaining a benchmark interest rate of 2.25 percent to 2.5 percent. 

The FOMC also made several changes to its policy statement, including removing language stating that it "will be patient" as it considers further interest rate moves. In its place, the committee added language that it will monitor inflation and economic pressures and "act as appropriate to sustain the expansion."

St. Louis Fed President James Bullard, who preferred at this meeting to lower the target range for the federal funds rate by 25 basis points, cast the lone dissenting vote.