The Federal Reserve held interest rates steady on Wednesday for a fifth meeting in a row, despite officials splintering over the right time to restart cuts after an extended pause and relentless attacks from President Trump.

In standing pat, the central bank kept interest rates at a range of 4.25 percent to 4.5 percent, a level reached in December after a series of reductions at the end of last year. It marked one of the most contentious policy votes in decades, with two members of the powerful Board of Governors dissenting.

Christopher J. Waller, a governor, and Michelle W. Bowman, vice chair for supervision — both of whom were appointed by Mr. Trump — supported the Fed lowering interest rates by a quarter of a percentage point. The last time two board members opposed a decision related to monetary policy was in 1993 when Alan Greenspan was chair.

Adriana Kugler, a governor, did not attend the meeting and so did not cast a vote.

The July meeting comes at a turbulent moment for the central bank and its chair, Jerome H. Powell, who have been the targets of an intense pressure campaign by the White House.

The president has called for borrowing costs to be three percentage points lower, arguing that the Fed is both holding back an economic boom and making the country’s debt payments more expensive by keeping interest rates at current levels.

As the Fed prepared to release its policy decision on Wednesday, Mr. Trump resumed his attacks on Mr. Powell, once again demanding lower borrowing costs.