Divided Fed holds key interest rate steady, defying Trump’s demands for aggressive cuts

Key Points

The Federal Open Market Committee voted 9-2 to keep the federal funds rate set in a range between 4.25%-4.5%.
The decision was met with opposition from governors Michelle Bowman and Christopher Waller, both of whom have advocated for the Fed to start easing. This was the first time since late 1993 that multiple governors cast no votes on a rate decision.
President Donald Trump has been pushing the central bank to cut the benchmark rate.

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