The Federal Reserve voted to hold its interest rate target steady, a decision that investors mostly anticipated, but that nonetheless had markets on edge because of the off-chance that the central bank could hike rates just before the midterm elections in light of the high rate of inflation.

After a two-day meeting in Washington, the Fed’s monetary policy committee, led by Chairman Kevin Warsh, announced it would hold its rate target at a range of 3.75% to 4%. Notably, the decision was not unanimous, with Fed governor Lisa Cook and Federal Reserve Bank of Cleveland President Beth Hammack dissenting.

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