FOMC Holds 8-2; Bowman and Waller Dissent for Cut

The FOMC held rates at 4.25–4.50% by an 8-2 vote — the first dissents of 2025. Governors Bowman and Waller voted for a 25 basis point cut, arguing policy remained 'meaningfully restrictive' and that risks to employment were more pressing than inflation at this stage. The Fed noted growth had 'moderated,' with unemployment at 4.1% and core PCE at 2.7%.