Federal Reserve holds rates at 3.5%-3.75% with 4 dissenting votes

The Federal Open Market Committee voted 8-4 to maintain the federal funds rate at 3.5%-3.75%, marking the most dissent since Oct. 1992. Governor Stephen Miran voted for a quarter-point cut. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan opposed language signaling an easing bias, citing elevated inflation from the Iran war and oil above $100/barrel. Powell said the Fed faces "an unusually difficult situation" from four supply shocks: pandemic, Ukraine, tariffs, and Iran. (CNBC, Apr. 29, 2026)