Stephen Miran, who was appointed to the Federal Reserve on Monday, was the only policymaker to vote against a move by the Fed to cut interest rates.
The Federal Reserve voted Wednesday to cut interest rates by a quarter-point, projecting it would do so twice more this year. This was the first time the Fed had cut rates since last December.
Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy.
Miran, on leave as the head of the White House’s Council of Economic Advisers, was appointed to the Fed just hours before the meeting began. The committee also included two other appointees from President Donald Trump’s first term.
Miran dissented over the latest cut and appears to have penciled in the steepest rate cuts in projections issued after he joined the Board of Governors on Tuesday.
In the newest “dot plot,” one rate projection of 2.875% for the end of 2025 stands out as being three-quarters of a percentage point below the next lowest one. Trump has demanded steep rate cuts.
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