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 Federal Reserve kept interest rates unchanged at between 4.25% and 4.5% following the most recent Federal Open Market Committee meeting Wednesday. The Fed’s decision could be felt by President Trump as a rebuke after Trump continuously called for the Fed and Chairman Jerome Powell to cut rates.

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.