Fed Leaves Rates Unchanged as Four Officials Dissent, a Record Since 1992; Powell Nears Possible Final Meeting

The Federal Reserve kept interest rates unchanged at its April 30 (UTC+8) meeting, in line with expectations. All 12 voting members participated, and the decision drew four dissenting votes—the most since October 1992. The FOMC statement said Governor Millard dissented, favoring a 25-basis-point rate cut instead of holding steady. Cleveland Fed President Harker, Minneapolis Fed President Kashkari, and Dallas Fed President Logan supported keeping rates unchanged but objected to maintaining language viewed as signaling a dovish bias. The statement retained the phrase "in considering the extent and timing of further adjustments to the target range for the federal funds rate." Major investment banks had expected the Fed to drop the word "further" to reduce any implication that rate cuts may be approaching. This meeting is seen as potentially Chair Jerome Powell's last as head of the Fed. (Jinshi) (Source: ODAILY)