Stephen I. Miran
Federal Reserve Governor
2 articlesMoney
FOMC Minutes Show Four-Way Split at Powell's Final Meeting, Warsh Inherits Divided Committee
Minutes released May 20 from the Federal Reserve's April 28-29 meeting — Jerome Powell's last as chair — show an 8-4 vote to hold rates at 3.5–3.75%, with four dissents pulling in opposite directions. One governor sought an immediate cut while three regional bank presidents opposed even the statement's hint of future easing, a fracture Kevin Warsh will face at his first FOMC meeting June 16-17.
Money
Fed Officials Split on Next Move: Some Push for Cuts, Others See Case for Hikes
The March FOMC minutes, released April 8, show a Federal Reserve pulled in two directions -- officials worried about labor market damage from the Iran conflict want rate cuts, while others see oil-driven inflation as grounds for rate hikes.