Fed Maintains Rates; Two Dissenting Votes for the First Time Since 1993 — RISMedia

At the latest Federal Open Market Committee (FOMC) meeting on July 30, the Federal Reserve board of governors voted to maintain the 4.25% – 4.5% percent. Interest rates were last cut in December 2024.

Voting against the decision to maintain rates were Fed Governors Michelle W. Bowman and Christoper J. Waller. Fed Governor Adriana D. Kugler was absent and did not vote. 

This marks the first dual dissent since December 1993.

Touching on the dissent, Federal Reserve Chair Jerome Powell said the discussion around policy—the majority view—was that policy should be a little bit restrictive. 

“Two of our members felt that the time had come to cut (rates)…for the reasons that they’re going to express…in the next day or so,” he said. “What…