"In a Bloomberg column on Thursday, former New York Fed President Bill Dudley said "Powell is firmly in control" of the FOMC. He added that central bankers who were inclined to keep rates steady deferred to the Fed chair and agreed to cut. Meanwhile, Bowman and Waller, who both were appointed by Trump, refused to follow the president's lead for much steeper rate cuts. "Their actions demonstrate integrity, commitment to the Fed's mission and the importance of sustaining the central bank's independence," Dudley wrote."
"Others on Wall Street also highlighted the vote margin, especially given Trump's attempt to fire Fed Governor Lisa Cook and his appointment of Miran, who hasn't stepped down from his role as a White House economic adviser. Jeffrey Roach, chief economist for LPL Financial, said in a note Wednesday that the 11-1 decision provided a greater sense of unanimity than what was expected. And Susan Hill, senior portfolio manager and head of government liquidity group at Federated Hermes, said in a note that while she expects continued pressure from the White House, "at least for now most seem to have stood behind Powell, and I'm sure that played at least a part in how comfortable and confident he seemed during the press conference.""
Jerome Powell's first meeting with Stephen Miran resulted in an 11-1 Federal Open Market Committee vote to lower rates by a quarter point, with Miran the sole dissenter. Governors Christopher Waller and Michelle Bowman, who had dissented at the prior meeting, joined the majority. Former New York Fed President Bill Dudley said Powell is firmly in control and noted that officials inclined to keep rates steady deferred to the chair and agreed to cut. Bowman and Waller resisted calls for steeper cuts, signaling commitment to the Fed's mission and institutional independence amid White House pressure and Miran's dual role as a White House adviser.
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