02:15 PM EDT, 07/30/2025 (MT Newswires) -- The Federal Open Market Committee maintained the target range for the federal funds rate at 4.25% to 4.5%, but there were two dissenting votes by Federal Reserve governors for the first time since 1993, both looking for a 25-basis point rate reduction.

Federal Reserve Vice Chair for Supervision Michelle Bowman and Fed Governor Christopher Waller both voted against the decision to leave the target range unchanged, an expected move given their comments over recent weeks that the FOMC should begin to lower rates at this meeting.

Fed Governor Adriana Kugler was absent and did not vote at the meeting, according to the statement.

There were no other significant changes to the language in the FOMC's statement compared to the previous statement on June 18 and there was no update to the Summary of Economic Projections at this meeting, putting the focus on Fed Chairman Jerome Powell's press conference that is scheduled to begin at 2:30 pm ET.