Analysis: Under pressure from Trump, Powell maintained the unity of the Fed.

On September 18, the biggest surprise of the Fed's latest interest rate decision was that there was only one dissenting vote. Fed Chair Powell successfully facilitated a nearly unanimous consensus at this week's monetary policy meeting despite adverse circumstances, with new board member Milan being the only one to vote against a 25 basis point rate cut. Milan is a close ally of Trump, having just been sworn in as an interim Fed board member on Tuesday. His reason for dissent was to support a larger rate cut — something that Trump has been calling for over the past few months. However, board members Waller and Bowman had previously expressed dovish dissent in July but did not do so this time. KPMG Chief Economist Diane Swonk stated: "Clearly, Powell succeeded in 'herding the cats' ( and bringing together those with differing opinions." ( Jin10 )