Federal Reserve Chairman Jerome Powell (R) speaks with Vice Chair for Supervision Michelle Bowman (L) at the Federal Reserve Board building in Washington, on June 25, 2025. Saul Loeb/AFP via Getty Images
Federal Reserve Governors Michelle Bowman and Christopher Waller on Friday laid out their reasons for breaking with colleagues earlier this week and voting to cut interest rates, citing slowing growth, softening consumer demand, and mounting signs of labor market fragility.
The dual dissent at the July 30 policy meeting—the first by two Fed governors since 1993—underscores a widening divide on how soon the central bank should pivot from its restrictive stance on interest rates.
