Dow rises 450 points as Fed cuts rates for first time since December

 

Major News outlets are reporting that: All but one Federal Reserve official voted for a quarter-point cut. That lone dissenter was Governor Stephen Miran, who was serving as President Donald Trump’s Chair of the Council of Economic Advisers until he was sworn in as a Fed Governor just yesterday.

Miran favored a larger half-point cut. His dissent is hardly a surprise, given how fervently Trump has been pushing for lower rates.

Democrats have raised concerns over Miran’s close ties with the president, pointing to the fact that he’s still technically an employee of the White House, since he’s taking an unpaid leave while serving as Fed governor for a vacated term ending in late January. Miran for his part, has said he will form independent opinions about the economy.

In addition to his dissent today, Miran was also likely to be the outlier in the Fed’s dot plot — a graph of Fed officials’ projections for their benchmark lending rate. That showed one dot far below the other estimates, indicating that one official backs aggressive rate cuts in 2025. cnn article

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