Name: WSJ Chief Economics Correspondent Explains the Fed’s Rare Rate Dissents
Uploaded: 2025-07-30T23:07:00Z
Duration: 2 min 30 s
Description: The Federal Reserve held rates steady but faced two dissents from officials seeking an immediate cut. WSJ’s Nick Timiraos explains why the dissents were noteworthy.

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The Federal Reserve held rates steady but faced two dissents from officials seeking an immediate cut. WSJ’s Nick Timiraos explains why the dissents were noteworthy. Photo: Hu Yousong/Zuma Press

https://m.wsj.net/video/20250730/4b29a65a-114c-4607-b144-2539cce05b20/1/hls/manifest-hd-wifi.m3u8

The Federal Reserve held rates steady but faced two dissents from officials seeking an immediate cut. WSJ’s Nick Timiraos explains why the dissents were noteworthy.

WSJ Chief Economics Correspondent Explains the Fed’s Rare Rate Dissents

I'm at the Federal Reserve outside the boardroom, where policymakers just met and agreed to hold interest rates steady at their fifth consecutive meeting.

Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment.

That wasn't a surprise, but we did see two dissents from Fed governors. It's the first time that two governors have dissented at a Fed meeting in more than 30 years. And those were both appointees of Donald Trump who favored cutting interest rates at this meeting.

He's done a bad job. Now, he is got a meeting today, but I called him too late. He's always too late.

There's a debate over whether to treat tariff-related inflation as a one-off. And the two Fed officials who dissented today basically said, yes, this is a one-time deal. We shouldn't worry about persistent price pressures feeding through if tariffs send up prices just once. And so, these two officials are ready to resume rate cuts because they're not worried about tariffs leading to persistently higher prices. Powell indicated that he was fine with the dissents. He went so far as to say it was a good meeting.

We have those. I will say what you hope is that people explain their positions very thoughtfully and clearly, and we absolutely had that today. All the way around the table. I would call it one of the better meetings.

I asked Chair Powell what they think they've learned about the price pass-through process from tariffs, and really whether you think you're gonna know that much more in two months by the September meeting.

If you move too soon, you wind up maybe not getting inflation all the way fixed and you have to come back, that's inefficient. If you move too late, you might do unnecessary damage to the labor market. So, there won't be in the end a big inflationary problem. What we're trying to do is accomplish that in a way that is efficient. But in the end, there should be no doubt that we will do what we need to do to keep inflation under control. Ideally, we do it efficiently.

The big question was about September. Are you ready to cut interest rates? And Powell gave this the old Heisman stiff-arm.

So, I'll just say that we haven't made any decisions about September. We'll be monitoring all the incoming data and asking ourselves whether the Federal funds rate is in the right place.

They're gonna look at two more months of inflation numbers, of jobs reports, and they'll make a game time decision. They are not going to throw away their options right now.

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WSJ Chief Economics Correspondent Explains the Fed’s Rare Rate Dissents

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