FOMC Deadlocked 8-4 on Hold, Largest Dissent Since 1992

The Federal Reserve held the federal funds rate at 3.5-3.75% on April 29. Governor Miran argued for a 25bp cut, while three dissenting members opposed language indicating future rate cuts, resulting in an 8-4 split—the largest dissent since October 1992. Chair Powell confirmed continued service despite his term expiring May 15, citing concerns about Trump administration scrutiny of the Federal Reserve. The statement emphasized elevated inflation stemming from rising global energy prices.