Interest Rates

The Federal Reserve left its benchmark interest rate unchanged for the third straight meeting but signaled it could still cut rates in the coming months, moves that attracted the most dissents since October 1992.

The minutes underscore the Fed’s dilemma as it seeks to fill its congressional mandates of low inflation and maximum employment.

Rate increases by the Federal Reserve would be a sharp shift from late last year, when the central bank cut its key rate three times.

Jerome Powell’s approach is in sharp contrast to some members of the Fed’s rate-setting committee who are pushing for faster cuts.

The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. The central bank’s focus has shifted quickly from inflation to jobs, as hiring has ground nearly to a halt in recent months