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.

The central bank has said Trump’s tariffs are making it difficult for it to lower rates, something that would otherwise be called for amid signs of slowing economic activity.

The Federal Reserve is leaving its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut.