FOMC Holds 10-2; Waller and Miran Dissent for Cut

The FOMC held rates at 3.50–3.75% with a 10-2 vote. Governors Waller and Miran (a new FOMC member) dissented, arguing the federal funds rate remained 'meaningfully restrictive' and that rising unemployment risk warranted an immediate cut. The majority held, citing core PCE still at 2.8% and CPI at 2.7% — both above the 2% target. Chair Powell reiterated data-dependence and noted the Fed was not in a hurry.