Federal Reserve holds interest rates steady, statement notes: Governor Milan leans towards rate cuts

Maintains the interest rate on excess reserves at 3.65% and the RRR at 3.50%. The decision statement notes that Federal Reserve Governor Milan still favors rate cuts. Hammack, Kashkari, and Logan oppose an accommodative stance, and internal divisions within the Federal Reserve have reached their highest level since 1992. Developments in the Middle East bring high uncertainty. Economic activity has continued to expand steadily. On average, employment growth remains at a relatively low level. Related article: Significant disagreements at Powell’s “farewell meeting”; Federal Reserve holds steady again, with four committee members opposing the decision statement.