The Federal Reserve Chorus was not singing from the same hymnal.

I'm David Brancaccio in Los Angeles. The Guardians of Interest Rates at America's Central Bank

decided now is not the moment to cut interest rates, given the uncertain effects of tariffs

and a resilient overall economy. But the committee's decision yesterday was not unanimous.

Two people dissented.

Our Nancy Marshall-Gensur was at the Fed briefing yesterday.

Hey, Nancy.

Hey, David.

Well, Fed governors Michelle Bowman and Christopher Waller were the dissenters.

They wanted a quarter percentage point cut at this meeting.

This is very rare. We haven't had this many Fed governors dissenting since 1993, according to account by the St. Louis Fed.

Powell likes to let others on his team speak for themselves and not quote discussions, but what was the dissenting case made for cutting rates now, not waiting

as they decided?

Well, Powell says the majority view was that inflation is still above the Fed's 2% target,

and you need to keep interest rates where they are because cutting them prematurely could feed

inflation.

But Powell told me everyone at the meeting gave their opinion.

I will say what you hope is that people, you know, 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 can recall. Now, Team Fed did not double pinky swear promise to definitely cut rates at the next meeting in September.

It's about what the data says happens between now and then.

Oh, yeah, Chair Powell made that very clear yesterday.

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