\n
The Federal Open Market Committee voted 10-2 to keep its benchmark rate at 3.75% to 4%. Cook was joined by Cleveland Fed President Beth Hammack, both \u201cwho preferred to raise the target range for the federal funds rate by 1\/4 percentage point at this meeting,\u201d the Fed said in its statement. <\/p>\n
The vote came with two firsts: it was Cook\u2019s first dissent since she joined the board in 2022. And it was also the first time a Fed governor and a regional bank president dissented on the same side since October 1992. Then, Governor Lawrence Lindsey and Cleveland Fed President Jerry Jordan both wanted the Fed to cut rates right away, while Governor John LaWare and St. Louis Fed President Thomas Melzer dissented together on the other side.<\/p>\n
Fed records show how rare the pairing has become since then. In 1993, governors Wayne Angell and Lindsey twice dissented together in favor of higher rates, but no president joined them. When Philadelphia Fed President Edward Boehne dissented alongside Angell that May, he objected from the opposite direction. LaWare dissented alone in December 1994, when he wanted an immediate hike. <\/p>\n
Dissenting more, but separately<\/h2>\n
But after that stretch, governors largely stopped dissenting. Mark Olson broke ranks alone in 2005, and Michelle Bowman did the same in 2024.<\/p>\n
Since then, governors and presidents have dissented at the same meeting, but on opposite sides. In October 2025, Governor Stephen Miran pushed for a bigger cut as Kansas City Fed President Jeff Schmid opposed cutting at all. In April, Miran wanted a cut while Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan objected to the statement\u2019s signal that cuts were coming.<\/p>\n
\u201cIt\u2019s not that common to have one governor and one president that dissent,\u201d said Laura Ullrich, director of economic research for North America at the Indeed Hiring Lab, who worked at the Richmond Fed for years. Hammack\u2019s vote didn\u2019t surprise her, since she had heard Hammack lay out her views at a conference in Cleveland two weeks earlier. \u201cThe Lisa Cook dissent was more surprising,\u201d Ullrich told Fortune<\/em>.<\/p>\n\u201cMonetary medicine\u201d<\/h2>\n
The Fed kept its view that \u201cinflation remains elevated.\u201d<\/p>\n
At a press conference after the decision, Fed Chair Kevin Warsh said the committee chose to wait and see. \u201cWhat we decided to do was to call these questions, take stock of where we are, evaluate what we\u2019re seeing out the window, ask ourselves whether the period right in front of us is likely to provide more clarity.\u201d<\/p>\n
\u201cThe overwhelming consensus is that what we\u2019ve done in this monetary medicine is starting to work some, but there is no firm conclusions,\u201d he added.<\/p>\n
\u201cIt\u2019s a waiting game,\u201d said Ullrich, who believes a hike is likely soon. \u201cSince the last meeting, none of the inflation data has gotten better. It\u2019s gotten worse,\u201d she said. \u201cI think the probability of a hike in December is very, very high. It was already high in the market, so it\u2019ll probably go even higher after today\u2019s decision.\u201d<\/p>\n
Consumer prices rose 3.7% from a year earlier in September. Before Wednesday\u2019s decision, traders put the odds of a December hike at 78%, according to CME Group\u2019s FedWatch tool.<\/p>\n
That inflation has gone up and the rate has not is difficult to square. \u201cUltimately, the FOMC\u2019s vote to keep its target federal funds rate unchanged today (while widely expected) is a bit hard to square with its unconditional pledge to restore price stability that has repeatedly been made over the past five months,\u201d said Aubrey Woessner, associate economist in the Indeed Hiring Lab. \u201cWhether the public believes the Fed will bring inflation down in a timely manner matters for everyone.\u201d<\/p>\n
Ullrich said inflation expectations have been creeping up, though it\u2019s \u201cpretty incredible\u201d they have stayed as anchored as they have. \u201cIf inflation expectations go up, the literature shows that inflation follows,\u201d she said.<\/p>\n
The decision came less than a week before the midterms, but that shouldn\u2019t be considered rhyme or reason. \u201cThere have been years when they\u2019ve hiked right before a midterm. There are years they\u2019ve cut right before midterms. There are years they\u2019ve held stable right before a midterm,\u201d noted Fed whisper and watcher Ullrich said. \u201cI wouldn\u2019t read too much into that. I know it\u2019s very easy to read into it.\u201d<\/p>\n
Having worked inside the Fed, she said the run-up to each meeting is driven by data. \u201cThey\u2019re looking at a whole lot of data points,\u201d she said. \u201cDo the midterms factor in as one of those points? Maybe at some level, but I personally don\u2019t read too much into that.\u201d<\/p>\n
The Fed also upgraded its view of the economy, saying activity is \u201cexpanding at a strong pace,\u201d up from \u201csolid\u201d in September. Ullrich said Indeed\u2019s job postings index turned positive year over year in mid-September for the first time in four years, but \u201cwe clearly are still in the low hire, low fire environment.\u201d<\/p>\n
\u201cUltimately, the FOMC\u2019s vote to keep its target federal funds rate unchanged today (while widely expected) is a bit hard to square with its unconditional pledge to restore price stability that has repeatedly been made over the past five months,\u201d said Aubrey Woessner, associate economist in the Indeed Hiring Lab. \u201cWhether the public believes the Fed will bring inflation down in a timely manner matters for everyone.\u201d<\/p>\n<\/div>\n
#Fed #holds #rates #steady #governor #president #dissent #time<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Open Market Commit… <\/p>\n","protected":false},"author":1,"featured_media":7751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[10780,1336,1335,824,2094,2096,1209,784,2095,4794,14],"class_list":["post-7750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-dissent","tag-fed","tag-federal-reserve","tag-governor","tag-holds","tag-kevin-warsh","tag-president","tag-rates","tag-steady","tag-the-fed","tag-time"],"yoast_head":"\n
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<\/p>\n