Fed Leaves Rates Unchanged, Miran and Waller Dissent

• Fed voted 10-2 to hold the benchmark federal funds rate in a range of 3.5%-3.75%.
• Governors Waller and Miran dissented, advocating for a 25 basis point rate cut.
• The Fed's statement keeps open the option of cutting rates in the future, without specifying timing or conditions.
• Economic activity is described as expanding at a 'solid pace,' job gains as 'low,' and the unemployment rate showing 'some signs of stabilization,' while inflation remains 'somewhat elevated.'

The Federal Reserve left interest rates unchanged, as widely expected, but maintained language suggesting future rate cuts are possible. The economic assessment noted solid activity, stabilizing unemployment, and elevated inflation, with two governors dissenting in favor of a rate cut.