We did have two Federal Reserve Governors vote against holding and both wanting another 25 basis point cut.

Governors Stephen Miran and Christopher Waller voted against the hold, with both advocating another quarter-point cut. Both were appointed by President Donald Trump, with Miran filing an unexpired board seat in September 2025 and Waller appointed during Trump’s first term.

Below is what changed in the Fed statement.

Text appearing for the first time in the new statement is in red and underlined.
Black text appears in both statements.