Fed's Decision Brings a Surprising Dissent from Cook

Dow Jones02:06

Two officials voted against the Federal Reserve's decision to hold rates steady on Wednesday: Beth Hammack and Lisa Cook.

The dissent from Hammack, president of the Cleveland Fed, isn't unexpected. Hammack has been one of the most hawkish members of the policy committee this year. She also dissented in favor of higher rates at the Fed's April and July meetings.

Cook's dissent is more of a surprise. Previously, the Fed governor had voted with the policy committee's consensus on every interest-rate decision since she joined the Fed's board of governors in 2022. In recent remarks, she has said the Fed must be focused on corralling inflation but hadn't expressed more urgency than her colleagues about the need to bring rates higher.

Her dissent comes as President Trump is making a second attempt to remove Cook from the Fed's board, after the Supreme Court this summer blocked Trump's previous attempt to fire her.

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