Jeffrey R. Schmid

Rule Changes

Hawkish dissenter opposing the October and December cuts.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December's third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated 6 days ago

Money Moves

Voted against December 2025 rate cut, citing inflation concerns

The Federal Reserve cut interest rates by 25 basis points on December 10, 2025, in a deeply divided 9–3 vote—the most dissents in six years, bringing the funds rate to 3.5–3.75%. Minutes released December 30 revealed the decision was 'finely balanced,' with officials split over whether weak hiring or inflation poses the greater risk.

Updated 6 days ago

Rule Changes

Rotated off FOMC voting roster for 2026 after dissenting against rate cuts

The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote that exposed a stunning reversal in internal divisions. Fed Governors Stephen Miran and Christopher Waller dissented in favor of a 25-basis-point cut—the first time two sitting governors have dissented together in decades. Just six weeks earlier in December, the vote split 9-3 the opposite direction: Miran wanted a 50 basis-point cut while Goolsbee and Schmid opposed any cut at all. The December minutes revealed even supporters called that decision "finely balanced." Now the battle lines have shifted entirely, with some hawks turning dovish while the 2026 FOMC voting rotation brought three new hawks—Cleveland's Beth Hammack, Dallas's Lorie Logan, and Minneapolis's Neel Kashkari—replacing Chicago's Goolsbee and Kansas City's Schmid. Miran's four-month term expired January 31, though he stated he will remain until Trump names a permanent replacement.

Updated Feb 1