The Federal Reserve on Wednesday voted to hold interest rates despite recording the most dissenting votes in decades, concluding Jerome Powell’s final meeting as the central bank’s chair amid a contentious relationship with President Donald Trump.
Powell’s term as the central bank chair expires next month.
The Federal Open Market Committee voted 8-4 to hold interest rates between 3.5% and 3.75%, the most dissenting votes since October 1992.
Fed Governor Stephen Miran voted in favor of a quarter-point reduction, while governors Beth Hammack, Neel Kashkari and Lorie Logan agreed with holding interest rates but did not support language implying potential future reductions in the committee’s statement.
The Fed referred to an “easing bias,” but did not explicitly suggest interest rates would be cut, only that “adjustments” would be made if necessary.
