The U.S. Federal Reserve again maintained its benchmark interest rate following its latest Federal Open Markets Committee (FOMC) meeting on July 30 — largely expected, but in a split decision that rebuked repeated calls from President Trump for rate cuts.

It leaves the central bank’s interest rate at 4.25%-4.5% for a fifth straight meeting following three cuts between September-December of last year.

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“Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year,” the Fed said in its FOMC statement. “The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.”

source: tradingeconomics.com

That statement shared that two Fed governors — Michele Bowman and Christopher Waller, both Trump appointees — dissented from the consensus in the 9-2 vote, calling for lowering the rate by a quarter-point in the meeting. It was a rare dissent, as the Fed generally sets monetary policy by consensus, and marked the first time since 1993 that two Fed governors voted against the chairman.

The last time the Fed lowered the rate was in December of last year with a quarter-point cut.

The overall decision was expected by Wall Street indications, and financial data firm FactSet noted that economists projected a 96% chance that the rate would again be unchanged.