Two Federal Reserve governors voted against holding interest rates

Two Federal Reserve governors dissented on holding interest rates, which has not occurred in more than 30 years.

On Wednesday, the Federal Reserve held interest rates steady for the fifth consecutive meeting, amid pressure from President Trump to lower the rates. The central bank kept its benchmark lending rate at a range of 4.25% to 4.5%, which it has been since December.

While nine members of the Federal Open Market Committee voted to keep rates where they are, Federal Reserve Vice Chairman of Supervision Michelle Bowman and Gov. Christopher Waller voted to lower them, breaking with the traditionally unanimous vote, The Hill news outlet reported. Both of them are running for President Trump's nomination to replace Federal Reserve Chairman Jerome Powell.

“This was quite a good meeting all around the table,” Powell said during a Wednesday press conference. “People thought carefully about this and put their positions out there.”

“The majority of the committee was of the view that inflation is a bit above target. Maximum employment is at target. That calls for modestly restrictive [interest rates] in my way of thinking,” he continued.

“But we had two dissenters …. you want that clear thinking – expression of your thinking, and we certainly had that today,” Powell said.