Fed cuts rates with dissenting votes in both directions
Risks to employment and prices split FOMC three ways
The Federal Open Market Committee decided today (October 29) to cut the federal funds rate by 25 basis points, taking it to a range of 3.75–4%, but only following a three-way split among its members.
Jeffrey Schmid, president of the Kansas Fed, voted to leave the rate unchanged. Stephen Miran, the Fed board’s newest member, preferred to ease by 50bp, thereby illustrating his close ties with the White House and president Donald Trump’s preferred path for monetary policy.
The split – which James
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