At the FOMC decision, three of the five regional Fed presidents with voting
rights — Cleveland, Minneapolis and Dallas — dissented, each calling for a 25bps
hike. It is the first time since September 2016 that three like-minded dissents
appeared in a single policy decision, signaling growing internal pressure to
tighten. Fed Chair Kevin Warsh backed holding rates steady and stressed the
Fed’s duty to curb inflation; he is expected to face questions at his 02:30
Beijing time press conference on why patience remains the appropriate policy
stance.
