The Federal Reserve on Wednesday voted, as expected, to keep interest rates steady in a range of 3.5%-3.75%. 

The vote was split 8-4, with officials expressing varying reasons for their vote. The last time four members of the Federal Open Market Committee voted against the majority was in 1992, CNBC reported. 

Reserve Governor Stephen Miran dissented in favor of a quarter percentage point cut, which he's done ever since joining the central bank in September 2025. The other dissenting votes came from regional presidents, who agreed with holding the rates steady but not with the language of the statement. 

“In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the statement read. 

The line and its use of the word "additional," according to CNBC, suggests the likelihood that the next move would be to lower rates.