The Fed policy statement has the largest divergence in 34 years

On the afternoon of April 29th local time, and early this morning Beijing time, the Federal Reserve of the United States announced for the third consecutive time that interest rates would be held steady after a two-day meeting. This was in line with market expectations. However, there was the most serious disagreement among the Federal Open Market Committee, the core decision-making body responsible for monetary policy within the Federal Reserve, since 1992: out of the 12 members, 8 voted in favor and 4 voted against the decision. Apart from Federal Reserve Governor Stephen Milan supporting a 25 basis point rate cut, the presidents of the Cleveland, Minneapolis, and Dallas Federal Reserve Banks, while supporting keeping the policy rate within the current range of 3.50%-3.75%, "did not support including a dovish tone in the policy statement at this time" and therefore voted against the decision on the policy statement. The Federal Reserve stated in its policy statement: "US inflation is high, partly reflecting recent increases in global energy prices, with the situation in the Middle East resulting in a high degree of uncertainty for the US economic outlook."