Fed opts against rate cut sought by Trump as inflation lingers

The Federal Reserve voted Wednesday to hold rates steady as inflation remains elevated, ending a streak in which it cut interest rates in three successive meetings of its monetary policy committee.

After a two-day meeting in Washington, the committee announced it would hold its rate target at a range of 3.50% to 3.75%. Investors had expected that outcome, but President Donald Trump has pushed hard for more aggressive rate cuts.

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Fed governors Stephen Miran, who was recently nominated by Trump and confirmed by the Senate, and Christopher Waller dissented on the rate decision. They preferred a quarter-percentage-point cut.

The decision not to cut rates comes at a time of upheaval at the Fed and for