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FOMC Minutes Show Four-Way Split at Powell's Final Meeting, Warsh Inherits Divided Committee
Minutes released May 20 from the Federal Reserve's April 28-29 meeting — Jerome Powell's last as chair — show an 8-4 vote to hold rates at 3.5–3.75%, with four dissents pulling in opposite directions. One governor sought an immediate cut while three regional bank presidents opposed even the statement's hint of future easing, a fracture Kevin Warsh will face at his first FOMC meeting June 16-17.