The Federal Reserve's usual unity on monetary policy has fractured. Two governors, Christopher Waller and Michelle Bowman, dissented from the July 30th decision to hold interest rates steady at 4.25-4.5%, advocating for a rate cut. This marks the first time in over 30 years that two governors have publicly disagreed on a rate decision, coinciding with President Trump's criticism of the Fed and escalating trade tensions.

Prepared by Christopher Adams and reviewed by editorial team.