According to CoinMeta, Wu said that the Federal Reserve decided to maintain the federal funds rate target range at 3.50%–3.75% with 9 votes in favor and 3 against, and to continue to keep the banking system's reserves ample. The statement noted that despite factors such as the conflict in the Middle East posing higher uncertainties, U.S. economic activity continues to expand steadily, productivity and capital investment remain strong, employment growth is roughly in line with the increase in the labor force, the unemployment rate has not changed significantly, and inflation is still above the 2% target, partly due to supply shocks in areas such as energy. The opposing votes were cast by beth, hammack, neel, kashkari, and lorie logan, who advocated for a 25-basis-point interest rate hike at this meeting.