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# Federal Reserve Holds Rate at 4.25–4.50% in July 2025 with Two Dissents Favouring Immediate Cut
- URL: https://www.theglobalbanker.com/federal-reserve-holds-rate-4-25-4-50-july-2025-two-dissents/
- Published: 2025-07-30T18:05:00.000Z
- Updated: 2026-10-27T08:55:59.000Z
- Description: The FOMC voted 9–2 to hold the federal funds rate at 4.25–4.50%, with Governors Bowman and Waller dissenting in favour of a 25 basis-point cut.
- Author: TGB Editorial Team
- Tags: Central Banks, Americas, #archive

The Federal Open Market Committee voted nine to two at its July 2025 meeting to maintain the federal funds rate target range at 4.25% to 4.50%, according to the press release published by the Federal Reserve Board on its website. The decision leaves rates unchanged for a fifth consecutive meeting.

The two dissents came from Governors Michelle Bowman and Christopher Waller, both of whom favoured a reduction of 25 basis points at this meeting. 

#### POLICY STATEMENT

The July statement itself said only that inflation 'remains somewhat elevated' and that uncertainty about the economic outlook 'remains elevated'; it made no judgement on whether tariff effects on prices would prove temporary.

The statement said the unemployment rate remains low and labour market conditions remain solid.