Federal Reserve Governors Christopher Waller and Michelle Bowman on Friday released separate statements detailing why they voted against the Federal Open Market Committee’s decision on 30 July to leave the benchmark federal-funds rate unchanged at 4.25%–4.50%. Their dissent marked the first time in more than three decades that two Fed governors opposed a policy decision at the same meeting. Both officials said a pre-emptive 25-basis-point reduction was warranted to protect a labor market they see losing momentum. Waller warned that private-sector hiring is ‘near stall speed’ and argued there is ‘no reason’ to keep rates at current levels and risk a sudden slump in employment. Bowman said an earlier cut would have ‘proactively hedged’ against further weakness, cautioning that firms may soon have little choice but to start layoffs if demand does not improve. The governors also played down inflation concerns tied to the 145% tariff on Chinese goods that took effect in April, describing the price impact as largely one-off and asserting that inflation expectations remain anchored. Their colleagues, led by Chair Jerome Powell, opted for a wait-and-see approach, but Friday’s statements underscore a growing debate inside the Fed over whether holding steady could inflict unnecessary damage on the job market.