The U.S. Federal Reserve said it is holding rates steady for the fifth-straight time despite President Donald Trump’s push the Federal Reserve to cut interest rates for months. CNN senior reporter Matt Egan reports the details.

Washington

The Federal Reserve has announced that it will maintain current interest rates, marking the fifth consecutive meeting without a change. This decision comes despite significant pressure from the White House, particularly from President Trump, who has called for substantial rate cuts. The Fed's statement indicated a slight downgrade in its assessment of the U.S. economy, noting that growth has moderated in the first half of the year.

Notably, the vote was not unanimous, with two members of the Fed's board of governors dissenting in favor of a rate cut—the first such dual dissent since 1993. This internal division highlights growing debate within the Fed about the appropriate path for monetary policy as economic indicators show signs of slowing growth. Fed Chair Powell is expected to address questions about the possibility of future rate cuts in upcoming meetings.

Federal Reserve keeps interest rates unchanged again

The Fed just announcing its latest decision on interest rates, coming as President Trump has repeatedly pressured the Fed to cut interest rates. Let's go to CNN's Matt Egan, who is at the Federal Reserve. Matt, tell us what you're learning. No change in interest rates. The Federal Reserve deciding today to keep interest rates steady for the fifth meeting in a row, despite immense pressure from the White House to slash borrowing costs. Now, this decision was no surprise. It was widely expected. It was well telegraphed in advance by officials. Now, that's because the Fed is in wait-and-see mode. They're looking for more clarity, one, clarity on just how high tariffs are going to go, and two, how much tariffs are going to boost prices. Now, this new statement put out by the Fed, it stayed largely the same, except there was a slight downgrade in how Fed officials are looking at the U.S. economy. Previously, Fed officials said in a statement that the economy continued to expand at a, quote, solid pace. This new statement says that recent indicators suggest that the growth of economic activity, quote, moderated in the first half of the year. And that does appear to be a nod to today's report that showed that while headline GDP rebounded in the second quarter, underlying growth in the U.S. economy does appear to have slowed. Now, this decision, of course, is not what the White House was looking for. It's not what borrowers were looking for either. President Trump, he has been very vocal about how he wants massive interest rate cuts. Of course, that was never going to happen. But what is notable is there was a change in this, in the voting in this decision. Previously, in June, this was a unanimous decision to keep interest rates steady. However, in this decision today, not one, but two members of the Fed's powerful board of governors, they voted in favor of an interest rate cut. Sometimes we do see one governor dissent, but this is the first time we're seeing two governors dissent since 1993. And it does show how Fed Chair Powell, he's not just facing pressure from the White House to cut interest rates. He's also facing pressure from some of his colleagues inside this building. Now, Powell is going to take questions later this hour. Everyone's going to be listening to whether or not he drops any hints about if he's open to interest rate cuts later this year, possibly as soon as the next meeting in September.

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