Fed dissenters explain 'no' votes, saying they disagreed with hinting next move would be a cut

three fed regional presidents — neel kashkari of minneapolis, lorie logan of dallas and beth hammack of cleveland — voted against the latest post-meeting statement because they disagreed with signaling the next rate move would be a cut. they all supported holding rates steady, just not the language around what comes next. the statement passed 8-4, the most dissents since 1992. governor stephen miran also dissented, but in favor of a rate reduction. the disputed phrase was "additional adjustments," which markets read as implying another cut. kashkari said that kind of forward guidance isn't appropriate given "recent economic and geopolitical developments." hammack called it a "clear easing bias" she no longer supports, pointing to the iran war and surging oil prices as threats to the fed's 2% inflation target. logan said she's "increasingly concerned" about inflation, citing potential supply disruptions from the middle east conflict. data released thursday showed core inflation hit 3.2% in march, the highest since november 2023.