Fed Hawks' Rare Dissent Torpedoes Rate Cut Signals

The Signal

The Federal Reserve's FOMC meeting on April 29 delivered a plot twist nobody saw coming. Rates stayed glued at 3.5%-3.75% for the third straight gathering, but four officials dissented—the highest tally since 1992. Three regional presidents, Beth Hammack of Cleveland, Neel Kashkari of Minneapolis, and Lorie Logan of Dallas, rebelled specifically against slipping an 'easing bias' into the statement, while Governor Stephen Miran bucked the other way, pushing for an immediate cut. As...