The Federal Reserve announced Wednesday that it would not cut its benchmark interest rates, despite pressure from the Trump administration.
The decision to keep rates between 4.15 percent and 4.25 percent met with two unusual dissenting votes from the 12-person board of governors, including one from Christopher Wallen, who has been discussed as a successor to Fed Chair Jerome Powell at the end of the his term next year.
Powell has cited ongoing concerns about inflation and particularly the effect of the Trump administration’s tariff policy on prices. The White House has stated its preference for a quarter-point rate cut to maintain economic growth.
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