Two FOMC voting members explained why they opposed interest rate cuts: Inflation risks are too high, and greater caution is needed.

Odaily Planet Daily reports that Chicago Federal Reserve President John Goolsby stated that his dissenting vote this week was his first since joining the Fed in 2023, putting him on the same side as Kansas City Fed President Schmid. His decision stemmed from his desire to await more economic data to determine whether the tariffs' impact on inflation is merely temporary. In a statement on Friday, Goolsby said, "Given that inflation has been above our target for four and a half years, and that progress on inflation has stalled for several months, coupled with the fact that almost all businesses and consumers we've recently spoken to in our district have listed prices as a primary concern, I felt it was more prudent to wait for more information." (Jinshi)