On Wednesday, the Fed held its benchmark interest rate at 3.75% to 4%, six days before the midterm elections. The Federal Open Market Committee voted 10-2 to approve the decision, with Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack arguing for a 0.25-percentage-point rate hike. Inflation is approaching the three-year high it reached in May. The Fed said that more information would help determine the policy needed to bring inflation back to 2% in a timely manner.