As you know, two Federal Reserve Governors dissented on Wednesday for the first time in over 30 years. Today, they published their reasons for doing so (), stressing the risk of a "wait and see" approach to policy. Relative to what Chair Powell said at his post-FOMC press conference, they are (i) more concerned about a potential weakening of the economy and, in particular, of the labor market; and (ii) less worried about the risk of persistent inflationary pressures from tariffs. #economy #markets #federalreserve #jobs #inflation