The Federal Reserve left its benchmark federal funds rate unchanged at 3.5%–3.75% following its April 29 meeting, marking the third consecutive decision to hold rates steady. While the outcome was broadly anticipated by markets, the meeting was notable for an unusually high level of internal disagreement, with four Federal Open Market Committee members dissenting, the most at a single meeting since 1992.

In remarks following the decision, the Fed acknowledged that inflation remains elevated and that uncertainty around the economic outlook has increased. Policymakers cited a range of contributing factors, including higher global energy prices, which policymakers said were contributing to inflationary pressures. The central bank did not provide specific guidance on the timing of potential future rate adjustments, emphasizing that policy decisions will remain data‑dependent.

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