4 dissenting votes, Fed rifts deepen as Powell's term draws to a close

Odaily reported that the Federal Reserve kept interest rates unchanged as expected, with a total of 12 voting members participating, among which 4 dissenting votes were cast, the highest number since October 1992. According to the FOMC statement, Fed Governor Michelle W. Bowman voted against maintaining interest rates and supported a 25-basis-point rate cut; Cleveland Fed President Beth M. Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie K. Logan voted to keep rates unchanged but opposed retaining the dovish-leaning language in the statement. The FOMC statement retained the word "further" in the phrase "in considering the extent and timing of further adjustments to the federal funds rate target range." Investment banks had expected the word "further" to be removed to weaken the implication of a rate cut bias. This meeting is likely to be the last one chaired by Jerome Powell as Fed Chair. (Jinshi)