Powell Bucks Pressure, Dissents in Showing Resolve on Inflation

Federal Reserve Chair Jerome Powell shrugged off pressure from the White House and rejected arguments for an interest-rate cut from two dissenting officials, maintaining that the central bank needed to stay on guard against inflation risk.

The Federal Open Market Committee voted to hold rates steady Wednesday — for a fifth consecutive time — prompting the first double dissent from Fed governors in more than 30 years.