The Federal Reserve voted to keep interest rates steady, with a 9-2 decision by the FOMC. Governors Bowman and Waller dissented in favor of easing due to controlled inflation and potential labor market weakening. The post-meeting statement noted economic growth moderation and elevated inflation.

Fed Chair Jerome Powell stated uncertainty remains elevated and no decisions have been made for September rate cuts. Traders initially expected a cut, but likelihood decreased after Powell’s comments. The Fed normally has 12 voters but was down one at the July meeting.

President Trump continues to push for rate cuts and criticize Powell. Trump has called for a 3% rate reduction to lower government borrowing costs. Despite political pressure, the Fed’s decision may be influenced by positive GDP growth and inflation data. The Fed’s next meeting will take place at Jackson Hole in late August.

Read more at CNBC: Fed leaves rates unchanged, defying Trump’s demands for aggressive cuts