The Federal Reserve accepted $2.576 billion across five counterparties in its fixed-rate reverse repurchase operation.

President Trump said Federal Reserve Chair Kevin Warsh leads a council he called political and that Warsh wants lower interest rates.

Major sell-side houses expect two hawkish dissenting votes at the Fed meeting—most often identified as Hamak and Logan—while the prospect of additional opposing votes remains unresolved. TD Securities, JPMorgan and others flag Hamak and Logan as likely dissenters; JPMorgan and Citi say Kashkari could also dissent. UBS and BofA expect the FOMC to hold rates, with UBS projecting 8–10 votes for a hold if no hike; Danske and several banks see 2–4 members favoring a hike but not enough to change policy. Brown Brothers Harriman and Prudential model a 10–2 split (Hamak, Logan); Cook joining would make it 9–3. Firms warn that more than two hawkish dissents would be interpreted as a stronger signal for a September hike. Recent hawkish signals: Kashkari expects one hike in 2026 and steady rates in 2027; Logan and Hamak say rates should rise to rein in elevated inflation; Cook says he’s ready to act if disinflation does not materialize. Market-implied probabilities: Kalshi shows Hamak and Logan each ~58% to dissent; Polymarket prices two dissents at 40%, one dissent at 21% and three dissents at 13%.