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Monday, May 11

Economy

Fed's Most Divided Vote Since 1992 Holds Rates at 3.50%–3.75% for Third Meeting

via Federal Reserve

The Federal Open Market Committee voted 8-4 on April 29 to leave the benchmark rate unchanged at 3.50%–3.75%, citing elevated inflation and energy-market uncertainty tied to the Middle East. Four members dissented — in two different directions — marking the committee's deepest internal split in more than 30 years.

Why it matters

A frozen benchmark rate keeps credit card APRs near 21% and mortgage costs elevated, with no near-term relief expected for households carrying variable-rate debt.

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