The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly demanded that the central bank reduce borrowing costs as part of his effort to assert control over one of the few remaining independent federal agencies.

Fed governors Michelle Bowman and Christopher Waller, who have signaled support for easing interest rates in recent weeks, voted against holding interest rates at their current level, marking the first double dissent by Fed board members since 1993.