The Federal Reserve's Federal Open Market Committee (FOMC) voted 9 to 3 to leave the federal funds rate unchanged at a range of 3.5% to 3.75%, aiming to support the central bank's dual mandate of maximum employment and stable prices.

The committee noted that economic activity continues to expand at a solid pace, supported by robust productivity growth and strong capital investment, even as uncertainty remains elevated, partly due to the Middle East conflict. Employment growth has kept pace with the labor force, and the unemployment rate has shown little change.

Inflation remains above the Fed's 2% target, partially reflecting price increases in some sectors, including energy, driven by supply shocks. The committee reiterated its commitment to achieving price stability.

Dissenting in the vote were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the federal funds rate target range by 25 basis points at this meeting.