Fed president explains vote against interest rate cut

The Federal Reserve cut interest rates for the second time in 2025 last week, though one member of the central bank's monetary policy committee voted against cutting rates, citing concerns over inflation.Policymakers on the Federal Open Market Committee (FOMC), which guides the Fed's monetary policy, voted 10-2 in favor of lowering the benchmark federal funds rate by 25 basis points to a target range of 3.75% to 4%. One dissenter, Fed Governor Stephen Miran, called for a larger 50-basis-point cut.The other dissenter was Federal Reserve Bank of Kansas City President Jeffrey Schmid, who said in