The Federal Reserve announced that it will keep the upper bound of its policy interest rate at 3.75%, in line with market expectations of 3.75%, and unchanged from the previous level of 3.75%.

The statement said economic activity remains solid, while job growth has been weak and inflation remains somewhat elevated; two FOMC members, Miran and Waller, dissented and favored a 25-basis-point rate cut at this meeting.

Fed Chair Jerome Powell said he is being asked more frequently whether there could be a scenario in which the Federal Reserve’s next policy move is a rate hike rather than a cut. He noted that while the Fed does not want to take anything off the table, it is not anyone’s base case that the next move will be a hike.