4 Dissenting Votes! Cracks Form at the Fed as Powell Departs

BlockBeats News, April 30th, the Federal Reserve kept interest rates unchanged as scheduled. A total of 12 voting members participated, with 4 opposing votes, the highest since October 1992.

According to the FOMC statement, Federal Reserve Governor Milan voted against keeping the interest rates unchanged and supported a 25 basis point rate cut. Cleveland Fed President Hamek, Minneapolis Fed President Kashkari, and Dallas Fed President Logan voted to keep interest rates unchanged but opposed retaining the dovish language in the statement.

In the FOMC statement, the wording "further" was retained in the phrase "when considering the degree and timing of adjustments to the target range for the federal funds rate." Market expectations were that the word "further" would be removed to soften the suggestion of a rate cut. This meeting is highly likely to be Powell's last meeting as Fed Chair. (FXStreet)