4 dissenting votes, Fed rifts deepen as Powell prepares to step down

Odaily reports that the Federal Reserve kept interest rates unchanged as expected, with a total of 12 voting members casting ballots, among which there were 4 dissenting votes, the highest number since October 1992. According to the FOMC statement, Fed Governor Christopher Waller voted against maintaining the current rate, supporting a 25 basis point cut instead; Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie 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 Chairman. (Jinshi)