The Federal Reserve voted 9-2 on Wednesday to keep interest rates steady at 4.25%–4.5%, despite pressure from President Trump and dissent from two governors.

This marks the first time since 1993 that multiple Fed governors opposed a rate decision.

While inflation remains elevated and the labor market strong, the Fed noted slower economic growth and heightened uncertainty, CNBC has reported.

The dissenting officials argued for rate cuts, citing signs of cooling inflation and potential labor market weakness.

Written by B.C. Begley