Fed Holds April FOMC at 3.5%-3.75%; Unusual 8-4 Dissent

The FOMC held the federal funds rate at 3.5%-3.75% for a third consecutive meeting on April 29. The 8-4 vote split represents the largest dissent since October 1992. One member voted for a rate cut; three opposed language suggesting future rate reductions. Core PCE inflation stands at 3.2% and Core CPI at 2.6%, both above the 2% target. Observers view this as Fed Chair Powell's effectively final meeting.