The central bank has said Trump’s tariffs are making it difficult for it to lower rates, something that would otherwise be called for amid signs of slowing economic activity.

For the first time since 1993, two members of the central bank’s policy committee broke from the pack, but interest rates will remain high for now.

WASHINGTON—The Federal Reserve held rates steady for a fifth straight meeting Wednesday but faced rare dissents from two officials seeking an immediate cut.The decision followed a period of intense political pressure on Fed Chair Jerome Powell by the White House to lower interest rates.