The Federal Reserve held its benchmark interest rate steady at 3.75%-4% on Wednesday, in line with market expectations, a month after its first increase in three years.

The vote was 10-2. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a quarter-point hike.

The statement said "inflation remains elevated."

The FOMC added that "the accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2 percent goal."

Consumer prices rose 3.7% in the year to September, while core prices climbed 0.3% on the month.

Traders now see a 86% chance of a rate hike at the central bank's Dec. 9 meeting, according to CME FedWatch.

Fed Chair Kevin Warsh will speak at 2:30 p.m. ET, likely facing questions on why the Fed held despite inflation running far above target.

This is a developing story...