Federal Reserve officials kept interest rates unchanged, but the voting results showed a split, indicating that some policymakers are increasingly convinced that a rate hike is necessary to curb rising inflation. Logan, Harker, and Kashkari all cast dissenting votes in favor of a 25 basis point increase. This marks the fifth consecutive time officials have chosen to keep rates unchanged. The rest of the committee’s post-meeting statement was identical to the one released after the June meeting.

Federal Reserve officials kept interest rates unchanged, but the split in the vote shows that some policymakers are increasingly convinced that a rate hike is needed to curb rising inflation. Logan, Harker, and Kashkari all voted against, advocating for a 25 basis point increase. This marks the fifth consecutive meeting where officials have chosen to keep rates unchanged. The rest of the committee’s post-meeting statement was exactly the same as the one released after the June meeting. Officials reaffirmed their commitment to “achieving price stability.” However, the presence of dissenting votes indicates that for newly appointed Federal Reserve Chair Walsh (who took office in May), remaining on hold amid escalating inflation concerns will present even greater challenges. Trump has repeatedly called for rate cuts, including this Monday. Earlier this year, Walsh—nominated by Trump for Federal Reserve Chair—stated that he would ensure policy decisions are not influenced by politics.