Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a press conference following the Federal Open Market Committee meeting in Washington, D.C., May 1, 2019.said the case for a rate cut at central bank's Wednesday meeting is not strong enough.
"There was not much support for cutting rates now, at this meeting," Powell said Wednesday at a press conference following the Fed's decision to hold interest rates steady. "A number of people wrote down rate cuts, but all of those but apparently one felt that it would be better to see more before moving," he added.
The Federal Open Market Committee voted 9-1 to keep the benchmark rate in a target range of 2.25% to 2.5%. St. Louis Fed President James Bullard voted to reduce the rate.
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