Fed meeting live updates: Two central bank members dissent with Fed's decision to hold steady on rates

The Federal Reserve kept its benchmark interest rate in a range of 4.25% to 4.50%, in a move that was widely expected by markets.

The call came with some drama, however. Fed governors Christopher Waller and Michelle Bowman disagreed with policymakers’ move to keep the federal funds rate steady. It marks the first time since late 1993 that multiple governors cast no votes on a rate decision.

Traders will also watch Fed Chair Jerome Powell’s press conference at 2:30 p.m. ET, seeking hints on whether a September rate cut could be in the cards.

Federal Reserve governors Michelle Bowman and Christopher Waller dissented with the central bank’s move to keep the benchmark interest rate at a target range of 4.25% to 4.5%.

The policy-setting Federal Open Market Committee voted 9-2 to keep rates where they are.