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The Federal Reserve Interest Rate Decision saw two board members dissenting, marking the first time in nearly 30 years.
BlockBeats News, July 31st. The Federal Reserve on Wednesday kept interest rates unchanged, with a rare division in the decision-making process and no clear indication of when a rate cut might occur. This decision faced opposition from two of Trump's appointed governors—Waller and Bowman, both of whom believe that the current monetary policy is too tight.
This is the first time in over 30 years that two governors dissented in a decision. The FOMC voted 9-2 to keep the target federal funds rate unchanged in the 4.25%-4.50% range, maintaining the status quo for the fifth consecutive meeting.
In its statement, the Federal Reserve stated: "The unemployment rate remains low, and the labor market remains strong. Inflation remains slightly above target." The statement also pointed out that economic growth had "slowed" in the first half of the year, which could reinforce the case for a rate cut at a future meeting if this trend persists. However, the statement also emphasized that "uncertainties about the economic outlook remain high" and noted risks to both inflation and employment goals. This wording reflects the Fed's reluctance to cut rates hastily while the path of inflation and employment remains unclear. (Jin10)
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