Powell: There was “broad” support to hold Fed rates

• Broad support within the FOMC for holding interest rates steady at the current meeting.
• Some committee members dissented, advocating for an immediate rate cut.
• The Fed is not setting a specific 'test' for future rate cuts, opting for a meeting-by-meeting, data-dependent approach.
• Upside risks to inflation and downside risks to employment have both 'diminished a bit'.

Federal Reserve Chair Jerome Powell stated there was broad support within the committee to hold interest rates steady, despite some dissenting votes for a cut. He emphasized a data-dependent approach for future decisions, noting that risks to both inflation and employment have somewhat diminished, and the committee will continue to weigh these factors meeting by meeting.