From CNN's Elisabeth Buchwald
The Federal Reserve’s decision to lower rates by a quarter point did not receive unanimous support among all 12 officials who cast a vote at this month’s meeting.
Cleveland Fed President Beth Hammack voted against cutting rates at the meeting. “We are at or near the point where it makes sense to slow the pace of rate reductions,” Hammack, who joined the regional Fed bank in August, said earlier this month.
Her dissent comes after all 12 officials agreed on last month’s quarter-point cut. However, at the prior meeting in September, Fed Governor Michelle Bowman cast a dissenting vote, favoring a quarter-point cut instead of the half-point cut the other 11 officials favored. That marked the first time a Fed governor dissented since 2005.
