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  5. Fed keeps key interest rate unchanged even as four members dissent; read the full Powell-led FOMC statement

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Fed keeps key interest rate unchanged even as four members dissent; read the full Powell-led FOMC statement

Journalist Kamal Joshi, former Republic TV and latestly editor, now associated with Upstox
By Kamal Joshi

3 min read | Updated on April 30, 2026, 07:26 IST

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SUMMARY

Of the 12 Federal Open Market Committee (FOMC) members, eight favoured keeping rates unchanged, while one preferred to lower the target range by 1/4 percentage point. Four members backed maintaining the target range for the federal funds rate, but did not back the inclusion of an easing bias in the statement at this time.

Fed Chair Jerome Powell-led Federal Open Market Committee said job gains have remained low. | Image: X/@FederalReserve

Fed Chair Jerome Powell-led Federal Open Market Committee said job gains have remained low. | Image: X/@FederalReserve

The US Federal Reserve, on Wednesday, April 29, 2026, kept its key interest rate unmodified in the range of 3.50% to 3.75%. Fed Chair Jerome Powell said that, as per the recent indicators, the economic activity has been expanding at a solid pace.

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Of the 12 Federal Open Market Committee (FOMC) members, eight favoured keeping rates unchanged, while one preferred to lower the target range by 1/4 percentage point. Four members backed maintaining the target range for the federal funds rate, but did not back the inclusion of an easing bias in the statement at this time.

"Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Philip N. Jefferson; Anna Paulson; and Christopher J. Waller. Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time," the US Fed said in a statement.

Notably, this is the first time since October 1992 when four FOMC members dissented.

The Committee said that it seeks to achieve maximum employment and inflation at 2% over the longer run.

Federal Reserve issues FOMC statement: Full text

Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. Inflation is elevated, in part reflecting the recent increase in global energy prices.
The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook. The Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4%. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2% objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labour market conditions, inflation pressures and inflation expectations, and financial and international developments.

About The Author

Journalist Kamal Joshi, former Republic TV and latestly editor, now associated with Upstox
Kamal Joshi is a business journalist who covers industries, markets, and IPOs. He is passionate about breaking news and enjoys playing pickleball, especially flexing his net play. He was previously associated with Republic TV and LatestLY.

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