Stephen Miran, who was appointed to the Federal Reserve on Monday, was the only policymaker to vote against a move by the Fed to cut the interest rate by a quarter point — because it wasn’t a big enough reduction.
The Federal Reserve voted 11-1 Wednesday to cut interest rates by a quarter-point, projecting it would do so twice more this year. This was the first time the Fed had cut rates since last December.
Miran, President Donald Trump’s appointee, broke ranks to call for a larger half-point cut.
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