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The Federal Open Market Committee voted 11-1 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Governor Stephen Miran dissented.

Fed officials are widely expected to cut their benchmark interest rate for a third straight time Dec. 10, in a bid to safeguard against worsening labor market conditions.

Officials acknowledged worries over higher inflation and weaker employment, but “a majority of participants judged the upside risk to inflation as the greater of these two risks."

The Federal Reserve can’t assume its benchmark lending rate won’t return to zero at some point in the future, according to a group of New York Fed researchers.

The responses to a Federal Reserve Bank of New York survey came as President Donald Trump struck a deal that significantly — though temporarily — lowered tariffs on imports from China.

Two Federal Reserve officials, including New York Fed chief John Williams, suggested policymakers may not be ready to lower interest rates before September.

Median expectations for inflation three years from now rose to 3.2% in April, the highest reading since July 2022. Estimates for year-ahead price growth, however, held steady.