The Federal Reserve held steady on rates at the conclusion of its October meeting, maintaining its target range of 3.75% to 4%.

While inflation “remains elevated,” the majority of the Federal Open Market Committee said in a statement accompanying the decision, the panel will await more information to decide the best future actions “to ensure a timely return of inflation to the Committee’s 2 percent goal.”

“Economic activity is expanding at a strong pace,” the committee’s statement said. “While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust.”

Sources: federalreserve.gov & cnbc.com