Fed holds rates steady despite dissent in ranks

Fifth hold in a row

The Federal Reserve held interest rates unchanged at 4.25%-4.5% on Wednesday (30 July) with no mention of future cuts.

This is the fifth meeting in a row in which rates were held, but two governors, Michelle Bowman and Christopher Waller, voted to cut interest rates by 25 basis points to 4%-4.25%.  Hargreaves Lansdown names CFO in a round of senior appointments Fed chair Jerome Powell said: "Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labour market is at or near maximum employment. According to Powell, the US inflation has been running "somewhat above" the bank's 2% target, but he added: "We believe that the current stance of monetary...