“If they don’t dissent, then the stock and bond markets could rally significantly on expectations that the FOMC participants are leaning toward cutting [in September], thus placating the two potential dissenters,” said veteran strategist Ed Yardeni of Yardeni Research.

The Federal Reserve's decision to avoid signaling imminent rate cuts despite relentless political pressure underscores its prevailing caution and has forced investors to dial back expectations for an easing at the next policy meeting.