The Federal Reserve delivered its latest interest rate decision, holding rates steady at 3.5% to 3.75% after a two-day FOMC meeting. While the move was widely expected, it marked a pause after three straight rate cuts and sent a clear signal from Chair Jerome Powell that future easing will require stronger evidence.

In this breakdown, we explain why two Fed governors dissented, what Powell said about inflation, tariffs, and the labor market, and why stocks barely reacted. Traders are still pricing in possible rate cuts later this year, but the Fed’s tone suggests patience — not urgency.

If you follow interest rates, inflation, or the stock market, this is the key takeaway you need from today’s Fed meeting.