Three Federal Reserve officials dissented this week against holding interest rates steady, arguing for an immediate hike to combat inflation. Beth Hammack of the Cleveland Fed, Neel Kashkari of the Minneapolis Fed, and Lorie Logan of the Dallas Fed voted against keeping the key overnight borrowing rate in a range between 3.5% and 3.75%. Inflation has exceeded the Fed’s 2% target for more than five years, fueled notably by the Iran war and President Donald Trump’s tariffs. The nine other voting members of the FOMC supported holding rates steady.
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