Fed Chair Jerome Powell defended the Federal Open Meeting Committee’s universal decision to hold the Federal Funds Rate steady at 4.25% - 4.50% in June. The FOMC’s “wait and see” approach to the funds rate was in keeping, Powell said, with the Fed’s dual mandate of prudent monetary policy.

At least three Federal Reserve policymakers spoke out this week in favor of holding interest rates steady for the time being, in contrast to two who said they were open to the idea of cutting the fed funds rate in July,