Overview

• Two Fed board members, Michelle Bowman and Christopher Waller, voted to cut rates, marking the first double dissent on the board since 1993.
• Chair Powell reiterated a data-dependent stance, citing lingering inflation concerns and economic uncertainty.
• Second-quarter GDP grew at a 3% annual rate, but the gain largely reflected a sharp drop in imports after tariff-related front-loading.
• President Trump used his Truth Social platform to press for immediate rate cuts following the GDP report, intensifying political pressure on the Fed.
• U.S. stock futures held near equilibrium after the decision, with traders now assigning about a 60% likelihood to a rate reduction in September.