Fed holds interest rates steady despite pressure from Trump

The Federal Reserve said Wednesday it is holding rates steady for the fifth-straight time.

President Donald Trump has been pressing hard for the Fed to cut rates, arguing that his tariff policy will not push up inflation. But central bankers aren’t so sure, and most prefer to wait to monitor the impact of Trump’s economic agenda before making any moves.

However, the July meeting was one for the history books: Two Fed governors voted against consensus and supported a rate cut this month. It’s the first time in three decades that has happened.

CNN's Isa Soares speaks with CNN Business editor-at-large Richard Quest about the Fed's decision. #CNN #News