Federal Reserve governors voted 11–1 in favor of a 25 basis point cut, with only Trump-appointed Stephen Milan dissenting, underscoring Powell’s leadership and the Fed’s stance on independence.
At the latest Federal Reserve meeting, governors Waller and Bowman joined colleagues in supporting a 25 basis point rate cut, resulting in an 11–1 decision. Governor Stephen Milan, appointed by former President Trump, was the lone dissenter favoring a larger cut. Former New York Fed President William Dudley emphasized Chair Jerome Powell’s reinforced leadership and the Fed’s commitment to independence despite political pressure. Powell also dismissed the possibility of a 50 basis point cut, citing insufficient support among policymakers.