PANews reported on July 31st that, according to Jinshi, the Federal Reserve held its benchmark interest rate unchanged at 4.25%-4.50%, in line with market expectations and marking the fifth consecutive meeting where the Fed remained on hold.

The decision was reportedly dissented by two Trump-appointed governors, Waller and Bowman, who both believed that current monetary policy was too tight. This marked the first time in over 30 years that two governors dissented. The FOMC voted 9-2 to maintain the benchmark overnight rate at 4.25%-4.50%, marking the fifth consecutive meeting where the Fed remained on hold. The Fed's statement stated, "The unemployment rate remains low, labor market conditions remain solid, and inflation remains moderately elevated." It also noted that economic growth "slowed somewhat" in the first half of the year, potentially strengthening the case for a rate cut at a future meeting if this trend persists. However, the statement also emphasized that "uncertainty about the economic outlook remains elevated" and noted risks to both inflation and employment targets. This language reflects the Fed's reluctance to cut rates hastily before the path of inflation and employment is clear.