Overview

• The Federal Reserve lowered its benchmark rate by 0.25 percentage point on Sept. 17 in a widely expected step that marked the first cut since December.
• Chair Jerome Powell said there was little support for a half-point reduction and stressed unity after the decision passed with an 11–1 vote.
• New Governor Stephen Miran cast the lone vote for a larger cut, remains on leave from the White House Council of Economic Advisors, and says he neither discussed his vote with the president nor intends to serve beyond Jan. 31, 2026.
• Trump-appointed governors Michelle Bowman and Christopher Waller joined the majority after prior dissents, which former New York Fed President Bill Dudley cited as evidence the Fed’s independence held.
• The Fed’s projections showed divergent views on the pace of easing, and futures implied roughly 92% odds of another quarter-point cut at the October meeting.