The Federal Reserve's FOMC statement did not clarify when interest rates might be cut, causing rare differences in the resolution

The Federal Reserve left interest rates unchanged on Wednesday in a rare disagreement over the course of its decision, with the statement leaving unclear when it might cut rates. The decision was opposed by two Trump-appointed governors, Mr. Waller and Mr. Bowman, who both said current monetary policy was too tight. It was the first time in more than 30 years that two governors had voted against the resolution. The FOMC voted 9-2 to keep the benchmark overnight rate in the 4.25-4.50 per cent range, holding its hands for the fifth consecutive meeting. "Unemployment remains low and labor market conditions remain solid," the Fed said in its statement. "Inflation remains slightly elevated." The statement also noted that economic growth had "moderated somewhat" in the first half of the year, which may strengthen the case for the Fed to cut rates at a future meeting if the trend continues. But it also stressed that "uncertainty about the economic outlook remains high" and said both the inflation and employment targets were at risk. The language reflected the Fed's reluctance to cut rates rashly until the path of inflation and employment is unclear.