The Globe and Mail reports in its Thursday, April 30, edition that the Federal Reserve kept its benchmark interest rate unchanged for the third consecutive meeting but indicated potential rate cuts in the coming months, drawing the most dissents since October, 1992. An Associated Press dispatch to The Globe reports that three officials dissented in favour of removing the reference to a future cut, while a fourth, Stephen Miran, dissented in favour of an immediate rate cut. The dissents underscore the level of division on the Fed's 12-member rate-setting committee ahead of the end of Mr. Powell's term as chair on May 15. "Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook," the Fed said in a statement after its two-day meeting. "Inflation is elevated, in part reflecting the recent increase in global energy prices." Mr. Warsh has promised "regime change" at the Fed and may make sweeping changes to its economic models, communications strategies and balance sheet. He has argued in favour of rate cuts, as Mr. Trump has demanded, but he will likely find it harder to implement the rate cuts with inflation topping 3 per cent, above the Fed's target of 2 per cent.