Federal Reserve Chair Jerome Powell said that during committee deliberations there was almost no support for a 50 basis point reduction to short term interest rates.

"There wasn't widespread support at all for a 50bps cut today, " Powell said. "We've done very large rate hikes and very large rate cuts in the last five years, and you tend to do those at a time when you feel that policy is out of place and needs to move quickly. That's not at all what I feel, certainly now."

Newly confirmed Federal Reserve Gov. Stephen Miran was the only member one who cast a dissenting vote, citing a preference for a 50 basis point cut. Stakeholders have previously noted they are keeping an eye out for members who vote for higher cuts, positing that they might be vying to be the next Fed chair after Powell's term as chair expires in May 2026.

A lack of enthusiasm around cutting rates even further stemmed from continued concern that tariffs and immigration policies could drive up inflation.