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Federal Reserve holds interest rates steady at 3.75% to 4% in 10-2 vote

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Coverage spectrum

Covered by 33 outlets across the spectrum.

68 articles in total, 2 of them opinion. The spectrum counts each outlet once and leaves opinion out. How we measure bias

Man in dark suit speaking at podium with Federal Reserve seal, flanked by US flags
Image via NBC NewsHow images are chosenReport this image

The Federal Reserve kept its benchmark rate in a range of 3.75% to 4% on Wednesday, October 28, 2026, after raising it by a quarter point in September. The vote was 10-2. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, wanting a further quarter-point increase. The Fed’s statement said inflation remains elevated. Chair Kevin Warsh told reporters that politics played no role in the decision and said the committee will hold one fewer meeting a year starting in 2027. The decision came six days before the midterm elections.

Headline and summary written by Mantle’s AI from the coverage below, under published rules. How this works

What happened

Key points

Each point shows who reports it, from Far Left to Far Right.

  1. The Federal Reserve held its benchmark rate in a range of 3.75% to 4% on October 28, 2026.

    Across the spectrumReported byLeft4Center4Right2Far Right2See the outletsHide the outlets
    Left
    NBC News, Business Insider, Bloomberg, CBS News
    Center
    Semafor, CNBC, Financial Times, PBS NewsHour
    Right
    The Washington Times, The American Conservative
    Far Right
    Just the News, Townhall

  2. The rate vote was 10-2, with Lisa Cook and Beth Hammack dissenting in favor of a hike.

    Reported byLeft2Center1Right1Far Right2See the outletsHide the outlets
    Left
    Business Insider, Bloomberg
    Center
    Semafor
    Right
    The American Conservative
    Far Right
    Just the News, Townhall

  3. The Fed had raised rates a quarter point in September.

    Reported byLeft2Right1Far Right1See the outletsHide the outlets
    Left
    Business Insider, CBS News
    Right
    The American Conservative
    Far Right
    Townhall

  4. The Fed’s statement said inflation remains elevated.

    Reported byCenter1Right1See the outletsHide the outlets
    Center
    PBS NewsHour
    Right
    The American Conservative

  5. Kevin Warsh said politics played no role in the decision.

    Reported byLeft1Center1See the outletsHide the outlets
    Left
    Business Insider
    Center
    Semafor
Show 2 more pointsShow fewer points

  1. Warsh said the committee will hold one fewer policy meeting a year starting in 2027.

    Reported byCenter3Right1See the outletsHide the outlets
    Center
    Semafor, CNBC, Financial Times
    Right
    The American Conservative

  2. The decision came days before the midterm elections.

    Reported byLeft2Center1Right1Far Right2See the outletsHide the outlets
    Left
    NBC News, Business Insider
    Center
    Semafor
    Right
    The Washington Times
    Far Right
    Just the News, Townhall

What is contested

Where accounts differ

Points the coverage does not agree on, and who says what.

  • Politics played no role in the Fed’s decision.

    Warsh told reporters politics played no role, as reported by Business Insider and Semafor. Just the News reports Trump publicly pressed the Fed to cut rates, and Semafor reports the Trump administration had warned against a hike before the midterms.

  • The hold is a gift to Trump’s economic record.

    Just the News, in context text, calls the hold a small gift to Trump because a hike could hurt the stock market. The other supplied coverage reports the decision without assessing its political effect.

How each side tells it

Compare views

Every side reports the Federal Reserve held rates at 3.75 to 4 percent on October 28, with Lisa Cook and Beth Hammack dissenting for a hike. Left headlines foreground inflation, center coverage the dissents and a 2027 meeting change, and right outlets the midterm timing and Trump’s push for lower rates.

  • the left

    11 outlets

    Left headlines lead with the hold despite inflation, with NBC and CBS foregrounding rising or high inflation, while Bloomberg’s headline only names the vote outcome.

    Federal reserve holds interest rates steady despite high inflation
    CBS NewsLeftAll left-leaning headlines

  • the center

    10 outlets

    Center headlines state the hold plainly and lead with the dissents or the change to the 2027 meeting schedule, with the Financial Times tying the hold to intensifying inflation.

    Fed holds rates steady despite dissents
    SemaforCenterAll center headlines

  • the right

    12 outlets

    Right headlines stress timing before the midterms and a possible December hike, while the far-right Just the News leads with Trump’s push for lower rates and Townhall reads as a plain announcement.

    Fed holds interest rates steady before Election Day, though December hike possible
    The Washington TimesRightAll right-leaning headlines

The words they chose

Language to notice

Words that carry a judgement beyond the facts. Tap a highlighted word anywhere on the page to see why.

  • Left5

    infuriateddefyingSuffers BlowBlows Off

  • Center1

    are coming

  • Right1

    punting

In the outlets’ own words

  • Absolutist framing

    are comingMore neutral: Fed rate hikes expected, survey finds

    The headline presents a forecast of future hikes as certain, while the survey reports only that most respondents expect one.

    Fed rate hikes are coming, but not this week: CNBC survey

    Used byCNBC (Center)

  • Loaded verb

    puntingMore neutral: delaying

    The word implies a deliberate postponement rather than a delay.

    The Federal Reserve opted to hold rates steady in its October meeting, punting an expected rate hike until after the midterm elections.

    Used byJust the News (Far Right)

  • Loaded verb

    infuriatedMore neutral: criticized

    States Donald Trump’s emotional reaction as fact in the outlet’s own voice rather than reporting what he said or did.

    US central bank last month raised rates for first time since 2023, in move that infuriated Donald Trump The US Federal Reserve is expected to leave interest rates unchanged on…

    Used byThe Guardian (Left)

  • Loaded verb

    defyingMore neutral: not following

    Defying presents the rate decision as a rebuke to the president rather than a decision based on the Fed’s own inflation reasoning.

    …Kevin Warsh, raised its benchmark rate last month for the first time in three years, defying President Donald Trump’s demands for rate cuts.

    Used byHuffPost (Far Left)

Show 3 more phrasesShow fewer

  • Sensational language

    Suffers BlowMore neutral: Fed Keeps Rates Steady as Trump Has Pressed for Cuts

    Frames a routine policy decision as a defeat for Trump, which the facts do not establish.

    Trump Suffers Blow as Fed Blows Off Interest Rate Cut

    Used byThe Daily Beast (Far Left)

  • Loaded verb

    Blows OffMore neutral: Declines

    Suggests the Fed dismissed the rate cut in a contemptuous way rather than deciding against it.

    Trump Suffers Blow as Fed Blows Off Interest Rate Cut

    Used byThe Daily Beast (Far Left)

  • Vague attribution

    people are sayingMore neutral: name who

    Unfalsifiable attribution.

    What smart people are saying after the Fed held rates steady

    Used byBusiness Insider (Left)

Words quoted from someone else (2)Hide the quoted words

Loaded words that outlets reported someone else saying. They show what was said, not how the outlet chose to say it.

  • Loaded modifier

    Quoted

    too lateMore neutral: Powell, whom Trump criticized for being slow to lower rates

    A nickname that pre-judges Powell's decisions as belated; it is Trump's label quoted in the article.

    Former Chairman Jerome Powell earned the nickname "too late" Powell from Trump over his hesitance to lower rates.

    Quoted byJust the News (Far Right)

    These are Donald Trump’s words. The outlets are reporting them.

  • Loaded modifier

    Quoted

    “too late” PowellMore neutral: Former Chairman Jerome Powell, whom Trump criticized as slow to lower rates

    The nickname is a coinage attributed to Trump that pre-judges Powell’s timing.

    Former Chairman Jerome Powell earned the nickname "too late" Powell from Trump over his hesitance to lower rates.

    Quoted byJust the News (Far Right)

    These are Donald Trump’s words. The outlets are reporting them.

See the full language guide

See for yourself

Side by side

What each side leads with and what it leaves out. Open a side to read its headlines.

From the left

11 outlets

Leads with

  • inflation remaining high
  • decision before the midterms
  • further hike still possible

Leaves out

  • Trump administration warnings against a rate hike, reported by Semafor

Reported by other sides, not found in this side’s coverage.

See the 11 headlines from the leftHide the headlines

From the center

10 outlets

Leads with

  • the two dissents for a hike
  • fewer Fed meetings from 2027
  • inflation still elevated
See the 12 headlines from the centerHide the headlines

From the right

12 outlets

Leads with

  • timing before the midterms
  • Trump’s pressure for lower rates
  • possible December hike

Leaves out

  • Warsh’s statement that politics played no role in the decision, reported by Business Insider and Semafor

Reported by other sides, not found in this side’s coverage.

See the 13 headlines from the rightHide the headlines

The stories you read build My Mix, a private picture of which sides cover the stories you choose, kept on this device. What is My Mix?

The left is Far Left and Left together. The right is Right and Far Right together. Every outlet keeps its own five-point rating.

Who reported it when

How the coverage built up

  • Left

    First to report

    Bloomberg, Oct 25, 9:48 AM EDT

  • Center

    19 hr 8 min later

    Its first report, Oct 26, 4:55 AM EDT

  • Right

    1 day 19 hr later

    Its first report, Oct 27, 5:00 AM EDT

See the order the outlets reported inHide the order
  1. BloombergLeftOct 25, 9:48 AM EDT
  2. SemaforCenterOct 26, 4:55 AM EDT
  3. CNBCCenterOct 26, 12:03 PM EDT
  4. CBS NewsLeftOct 26, 4:10 PM EDT
  5. The Epoch TimesFar RightOct 27, 5:00 AM EDT
  6. PBS NewsHourCenterOct 27, 1:45 PM EDT
  7. NBC NewsLeftOct 27, 6:36 PM EDT
  8. The New York TimesLeftOct 28, 5:05 AM EDT
  9. ABC NewsLeftOct 28, 5:18 AM EDT
  10. The HillCenterOct 28, 6:00 AM EDT
  11. The GuardianLeftOct 28, 6:00 AM EDT
  12. The Daily WireFar RightOct 28, 9:53 AM EDT
  13. The Washington TimesRightOct 28, 12:34 PM EDT
  14. The Daily CallerFar RightOct 28, 2:00 PM EDT
  15. Breitbart NewsFar RightOct 28, 2:01 PM EDT
  16. New York PostRightOct 28, 2:03 PM EDT
  17. NPRLeftOct 28, 2:04 PM EDT
  18. NewsNationCenterOct 28, 2:07 PM EDT
  19. Straight Arrow NewsCenterOct 28, 2:10 PM EDT
  20. HuffPostFar LeftOct 28, 2:12 PM EDT
  21. TownhallFar RightOct 28, 2:17 PM EDT
  22. The Daily BeastFar LeftOct 28, 2:18 PM EDT
  23. Financial TimesCenterOct 28, 2:20 PM EDT
  24. Scripps NewsCenterOct 28, 2:45 PM EDT
  25. Al Jazeera EnglishLeftOct 28, 3:05 PM EDT
  26. The American ConservativeRightOct 28, 3:10 PM EDT
  27. RedStateFar RightOct 28, 3:19 PM EDT
  28. BBC NewsCenterOct 28, 3:42 PM EDT
  29. Business InsiderLeftOct 28, 3:49 PM EDT
  30. The Center SquareRightOct 28, 4:05 PM EDT
  31. Hot AirFar RightOct 28, 7:20 PM EDT
  32. United Press InternationalCenterOct 28, 8:14 PM EDT

Times are the ones the outlets published in their own feeds, in Eastern time. Opinion is left out. Just the News gave only a date, so it is not placed.

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