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⚠️ Dovish FOMC Governor dissents lead policy moves. Markets are expecting a dovish dissent by Waller today (maybe Bowman too). There have only been 14 dovish Governor dissents since 1987. Excluding hiking cycles, the Fed has typically gone on to cut 50bps in the next 3M $USD 1/3 https://t.co/nzwQRhYlvE
🇺🇸Fed Governors Could Break Ranks as Trump Intensifies Powell Pressure: Nick Timiraos This week’s Fed meeting could produce something that hasn’t happened since 1993: more than one governor voting against the Fed chair. The groundwork was laid weeks ago. Welcome to monetary https://t.co/62IAYmHeXW
Possible dissents this week by Christopher Waller and Michelle Bowman would mark the first time in three decades that more than one Federal Reserve governor dissented at a policy meeting https://t.co/7xR34einU2 via @WSJ
The Federal Reserve's upcoming policy meeting is expected to feature dissents from two governors, Christopher Waller and Michelle Bowman, marking the first time since 1993 that more than one Fed governor has dissented at a single meeting. This development comes amid increased pressure on Fed Chair Jerome Powell from former President Donald Trump. Historically, Powell has faced fewer dissenters compared to previous decades, such as the 1970s and 1980s, which saw higher levels of dissent. Waller's dissent is notable as he is currently a candidate for the Fed chair position. Market participants anticipate a dovish stance from the dissenting governors, with past dovish dissents often preceding a 50 basis point rate cut within three months. The potential dual dissent signals a shift in the Fed's internal dynamics and monetary policy approach.
