The U.S. Federal Reserve kept its benchmark interest rate unchanged at 3.50% to 3.75%, a decision widely expected by financial markets. The Federal Open Market Committee (FOMC) said it is continuing to balance elevated inflation with a strong labor market. According to a Federal Reserve news release, the decision was approved by a 9-3 vote. The FOMC said inflation remains above its 2% target, partly because supply disruptions have increased prices in some sectors, including energy. Three Federal Reserve officials, Beth M. Hammack, Neel Kashkari and Lorie K. Logan, dissented from the decision.