The Federal Reserve unanimously decided to keep interest rates unchanged in May.

In May, the Federal Open Market Committee reached a consensus with a 12-0 vote to maintain interest rates stable. The decision in March was also nearly unanimous, with Federal Reserve Board Governor Waller dissenting on slowing the pace of balance sheet reduction but agreeing to keep interest rates unchanged. In the May interest rate decision, Minneapolis Fed President Kashkari became a voting member of the FOMC, temporarily replacing absent Kansas Fed President Schmid.