Federal Reserve Governor Stephen Miran speaks with CNBC during the Invest i America Forum on Oct. 15, 2025.
CNBC
There were three dissenters from the Federal Reserve’s decision to lower the federal funds rate by a quarter percentage point on Wednesday, making it the most divisive the central bank has been in more than a decade.
Chicago Fed President Austan Goolsbee joined Kansas City Fed President Jeffrey Schmid in voting for no decrease. The newest member, Federal Reserve Governor Stephen Miran, again called for a half-point cut. It is the third dissent in a row for Miran, who called for a half-point rate cut in both the October and September meetings. Schmid also called for no decrease in October.
The last time there were three dissents during a Fed meeting was in September 2019.
In addition, there were four other so-called soft dissents by nonvoting meeting participants. The policymakers submitted a forecast for interest rates to have ended the year at the previous level of 3.75 percent to 4 percent.
“‘Hard dissents’ from voting members as well as the ‘soft dissents’ seen in the dot plot highlight the Fed’s hawkish bloc, and the return of ‘extent and timing’ language to the statement regarding future policy decisions was likely done to appease them,” said Kay Haigh, global co-head of fixed income and liquidity solutions in Goldman Sachs Asset Management.
“While this leaves the door open to future cuts, labor market weakness will have to clear a high bar,” she added.
However, Christopher Rupkey, chief economist at FWDBONDS, said that the dissents against the rate cuts may not necessarily offer a window into next year’s moves.
“The dissents ruled against a faster pace of rate cuts today, but the winds of change are in the air,” he said. “A new Fed Chair in 2026, and perhaps many more new Fed officials, means more interest rate cuts are coming next year as rate cuts are big on the Trump 2.0 economic agenda even if not listed explicitly, if for nothing else but to weigh against the slowing economy due to the import tariffs uncertainty.”
— CNBC’s Jeff Cox contributed reporting.
Correction: The last time there were three dissents during a Fed meeting was in September 2019. An earlier version misstated the month and year.
