On Wednesday, the Federal Reserve announced it will still not lower interest rates, despite calls by President Donald Trump and two Fed governors to do so.

In a 9-2 vote, with one governor not voting, the Federal Open Market Committee voted to leave the central bank’s benchmark overnight interest rate range unchanged (4.25%-4.50%).

Governor Christopher Waller and Fed Vice Chair Michelle wanted a quarter percentage point cut and voted against the decision – marking the first time in more than 30 years that at least two governors dissented, as Yahoo! Finance explains:

“Two Fed governors haven't dissented at the same meeting since December 1993 under then-Fed Chair Alan Greenspan, when governors Wayne Angell and Lawrence Lindsey both opposed the Fed's bias toward looser monetary policy and wanted to hike rates.”

While the central bank cut interest rates in its last three meetings in 2024 under President Joe Biden, it has declined to reduce rates in all five of its meetings this year.

Fed Chairman Jerome Powell has stubbornly rejected Pres. Trump’s repeated calls for lower interest rates, to the point that the president is reportedly considering firing Powell.

Earlier in the day Wednesday, after the U.S. Bureau of Economic Analysis reported surprisingly robust Gross Domestic Product (GDP) growth in this year’s second quarter, Trump took to social media to issue another impassioned call for a Fed rate cut:

“2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! “Too Late” MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!"