Fed Governor Lisa Cook Dissents on Rate Hold, Backs 0.25-Point Hike
Summary
- Cook opposed the Fed’s decision to hold its benchmark rate unchanged and backed a 0.25 percentage-point hike.
- The Fed decided to keep its benchmark rate at 3.75% to 4.00%, and the vote was reported as 10 in favor and 2 against.
- The vote came as President Donald Trump again pushed to remove Cook from the Fed Board.
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Federal Reserve Governor Lisa Cook dissented from the central bank’s decision to hold interest rates steady and backed a 0.25 percentage-point increase, according to the Federal Open Market Committee vote results released on October 28. The Fed decided to keep its benchmark rate at 3.75% to 4.00%.
Cook voted against the decision to hold rates unchanged and supported an increase, the vote tally showed. Cleveland Fed President Beth Hammack also backed a hike. The decision passed 10-2.
It was the first time Cook had dissented on a rate decision since joining the Fed Board in 2022. Hammack has consistently supported tighter monetary policy.
The vote came as President Donald Trump again pushed to remove Cook from the Fed Board. His earlier attempt to oust her was blocked by the U.S. Supreme Court.
JH Kim
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