Fed holds rates steady in last meeting before midterms

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

The decision comes despite President Donald Trump's public pressure on the regulator to lower rates. Two members of the board reportedly sought to raise rates outright, according to the Wall Street Journal.

Former Chairman Jerome Powell earned the nickname "too late" Powell from Trump over his hesitance to lower rates. But Kevin Warsh, Trump's hand-picked replacement, has proven equally reluctant to chart the president's preferred course.

But the decision to hold rates steady is likely still a small gift to Trump, as a rate hike would almost certainly impact the stock market and mar one of the relatively few economic measures that appear favorable to the Republican's stewardship of the economy.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.