Federal reserve governor says he dissented because data says cut interest rates

The reason for dissent on the Federal Reserve Board over interest rates only furthered calls for transparency and the release of meeting transcripts.

“WHAT IS THE REST OF THE BOARD DOING?”

President Donald Trump has been anything but shy when it comes to calling out Federal Reserve Chair Jerome Powell, whom he’s nicknamed “Too Late” for failing to lower rates in spite of the positive economic outlook. After reports that two of the seven-member Board of Governors dissented in the vote, details on why revealed that Powell opposed the Fed’s own policy.

Friday, Eric Daugherty of Florida’s Voice reported, “Federal Reserve Governor [Christopher] Waller just said he dissented from Jerome Powell and the board’s decision to not cut interest rates because it is consistent with the Fed’s policy to CUT RATES based on all of the data we have right now.”

“WHAT IS THE REST OF THE BOARD DOING? There were 2 DISSENTERS in this meeting. Release the transcripts,” added Daugherty.

BREAKING: Federal Reserve Governor Waller just said he dissented from Jerome Powell and the board’s decision to not cut interest rates because it is consistent with the Fed’s policy to CUT RATES based on all of the data we have right now.

WHAT IS THE REST OF THE BOARD DOING?… pic.twitter.com/ygWaqBxdzr

— Eric Daugherty (@EricLDaugh) August 1, 2025

In addition to Waller, Federal Reserve Board Governor Michelle Bowman dissented from the rest of the board, having previously opposed the decision to lower rates in the weeks leading up to the 2024 election.

“With tariff-related price increases likely representing a one-time effect, it is appropriate to look through temporarily elevated inflation readings,” she expressed in a statement reported by CNBC. “I see the risk that a delay in taking action could result in a deterioration in the labor market and further slowing in economic growth.”

Likewise, Waller had spoken to his dissent by stating, “There is nothing wrong about having different views about how to interpret incoming data and using different economic arguments to predict how tariffs will impact the economy. But, I believe that the wait and see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve.”

As previously reported, the American investment firm Azoria had filed a federal lawsuit against Powell, alleging the Federal Reserve was in violation of transparency laws as a result of closed-door meetings, and thus demanded the release of the transcripts of those meetings.

Trump had once again called out the chair for allegedly politicizing the decisions of the central bank and had posted to X, “Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair.”

“He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction! Put another way,” said the president, “‘Too Late’ is a TOTAL LOSER, and our Country is paying the price!”

Amid calls for Powell’s ousting, Federal Reserve Board Governor Adriana Kugler announced her resignation effective Aug. 8, 2025, providing an opportunity for the president to appoint a new member to the board earlier than January, and subsequently a potential future nominee to hold the position as chair.

Staff Writer

Native of Brooklyn, NY, Kevin Haggerty is a graduate of Hunter College where he studied Cultural Anthropology and Geography. An avid reader and truth seeker, he currently resides in Texas with his wife and their dog and, when he isn’t researching current events and their impacts, you’ll find him spending time with friends and family or working on his next novel.

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