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Washington, United States – Minutes from the US Federal Reserve’s April Federal Open Market Committee (FOMC) meeting show policymakers have put the option of further interest rate increases back under active consideration, reflecting concern that inflation is not easing sufficiently. The committee voted to hold the benchmark federal funds rate in a range of 3.5% to 3.75%, but the decision exposed an 8–4 split, the largest number of dissents on an interest rate move since October 1992. Fed Governor Stephen Miran argued for an immediate quarter-percentage-point rate cut, while three other officials opposed adding any “easing bias,” or language that would signal possible rate reductions ahead, to the post-meeting statement. Washington, United States – The minutes, released on Wednesday, record that several participants judged it would likely be appropriate to lower the target range only once there were clear indications that disinflation was firmly back on track. They also state that a majority of officials highlighted that additional policy firming, meaning rate hikes, would likely become appropriate if inflation continued to run persistently above the Fed’s 2% target. The discussion took place against the backdrop of reaccelerating core PCE inflation between December 2025 and March 2026, when the measure rose at an annualized pace of 4.3%, driven by higher global energy prices, supply chain strains linked to the Middle East, and the impact of new trade tariffs.

Prepared by Christopher Adams and reviewed by editorial team.