The Fed's interest rate decision had two board members voting against it, marking the first time in over 30 years.

On July 31, the Fed maintained interest rates unchanged on Wednesday, with the decision process showing rare divisions, and the statement did not clarify when a rate cut might occur. This decision was opposed by two governors appointed by Trump—Waller and Bowman—who both believe that the current monetary policy is too tight. This is the first time in over 30 years that two governors have cast dissenting votes in a decision. The FOMC voted 9 to 2 to keep the benchmark overnight rate in the range of 4.25%-4.50%, marking the fifth consecutive meeting without action. The Fed stated in the announcement, "The unemployment rate remains low, and the labor market conditions remain robust. Inflation is still slightly elevated." The statement also noted that economic growth "slowed somewhat" in the first half of the year, which might strengthen the case for a rate cut at a future meeting if this trend continues. However, the statement also emphasized that "uncertainty regarding the economic outlook remains high," and stated that both inflation and employment targets face risks. This wording reflects the Fed's reluctance to hastily cut rates while the paths for inflation and employment remain unclear. ( Jin10 )