Silent Dissenters Show Growing Fed Division Over Powell’s Cuts
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Federal Reserve Chair Jerome Powell during a news conference following a Federal Open Market Committee meeting in Washington on Wednesday.
Photographer: Al Drago/BloombergDivisions within the US Federal Reserve over Wednesday’s decision to lower interest rates signal how the new chair may struggle to marshal consensus after Jerome Powell leaves the role.
Powell pushed through the quarter percentage point cut not only over the objection of a few voters. A much larger group of regional Fed bank presidents who participated in the debate but weren’t among this year’s voting roster also signaled they opposed the cut.