Federal Reserve Chairman Kevin Warsh opened his post-meeting press conference saying economic activity is expanding "at a strong pace" but inflation remains elevated.
Fed officials voted 10-2 on Wednesday to hold the key interest rate steady at between 3.75% and 4%. Cleveland Fed President Beth Hammack and Fed governor Lisa Cook dissented in favor of raising rates by 0.25 percentage point.
Inflation as measured by the Fed's preferred gauge was 3.4% in August, well above the central bank's 2% target.
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