Borrowing costs remain higher than markets expecting near-term easing: A continued pause keeps financing conditions tighter for interest-sensitive sectors until the Fed resumes cuts.

Internal split raises uncertainty about the timing of the next move: Divergent views inside the committee on inflation versus employment support make the path of policy less predictable for planning and pricing.

Political and legal pressure increases institutional risk around policy communications: The combination of White House pressure and a Justice Department investigation heightens scrutiny of Fed decision-making and messaging.