The Fed's monetary policy committee (FOMC) made the decision by a vote of 8-4. Stepen Miran, one of the twelve members, was in favor of a quarter-percentage point cut, CNBC reports.
The other three with objections - Beth Hammack, Neel Kashkari and Lorie Logan - were in favor of leaving the interest rate level unchanged but had objections to the wording in the minutes indicating that the next change would be a cut.
The last time four FOMC members dissented on an interest rate decision was in October 1992.
Powell stops
The key interest rate was lowered by a quarter of a percentage point in December last year.
The FOMC had already held the rate at the current level twice, at meetings in January and March.
Recent US inflation and labor market data indicated that an interest rate cut was not likely. The market had also 100 percent priced in leaving it unchanged.
This was likely the last interest rate decision with Jerome Powell as Fed Chair. His term ends on May 15, but he can remain on the central bank's board until January 2028.
Powell announced on Wednesday that he will remain on the board indefinitely while an investigation into the renovation of the Fed's headquarters continues - a review that for a time led to a criminal investigation against him.
Concerns about Warsh
Powell's successor, Kevin Warsh, President Donald Trump's nominee, was confirmed by the Senate Banking Committee earlier Wednesday. Another vote is due in the Senate.
There are concerns that Warsh will be more inclined than Powell to accommodate Trump's persistent and vocal demands for rapid interest rate cuts.
However, Warsh himself has maintained that he is determined that monetary policy should remain independent.
