In a surprising move during the July Federal Reserve meeting, only two members of the Board of Governors – Christopher Waller and Michelle Bowman – voted to lower interest rates as requested by President Donald Trump. Their rationale centered on the rapid cooling of the labor market exceeding expectations. The majority of the FOMC (Federal Open Market Committee) disagreed, opting to keep interest rates steady at the 4.25%-4.5% range since December 2024. This was a significant anomaly, marking the first time in over three decades that multiple Fed members dissented on rate decisions. The split highlighted growing tensions within the Federal Reserve as policymakers face increasing pressure from the White House to implement more aggressive economic measures, especially in response to slowdown concerns.