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Newly installed Fed governor Miran was the only member of the Federal Open Market Comittee to vote against the decision to cut interest rates by a quarter of a percentage point.
Miran preferred to lower rates by half a percentage point, the Fed said in Wednesday’s statement. Miran was sworn in as a member of the board of governors on Tuesday after securing Senate confirmation late Monday evening.
The July meeting of the FOMC was the first time in more than three decades that two Fed governors dissented on a central bank policy decision: Both Waller and Bowman had voted against the committee’s decision to keep the federal-funds rate unchanged that month.
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