Fed Leaves Interest Rates Unchanged, 2 Officials Dissent

For the first time in three decades, two central bank officials dissented, preferring to cut interest rates.

Chair of the Federal Reserve Jerome Powell speaks during a news conference following the July 29-30 Federal Open Market Committee (FOMC) meeting in Washington on July 30, 2025. Mandel Ngan/AFP via Getty Images

The Federal Reserve left interest rates unchanged for the fifth consecutive policy meeting.

Officials chose to keep the benchmark federal funds rate—a key policy rate that influences business, consumer, and government borrowing costs—in a range of 4.25 percent to 4.5 percent.