Three directors may vote against the Federal Reserve meeting in September, the first time since 1988

Odaily Planet Daily News The U.S. Senate confirmed on Monday that Milan will take over as Fed’s governor, winning one out of 12 votes on the eve of the Federal Reserve’s key September policy meeting. Two other Fed directors appointed by Trump during his first term, Bowman and Waller, both voted against the decision to keep interest rates unchanged in support of rate cuts during their July meeting. Analysts say the two may vote again at their September meeting as labor market data is weaker than expected, in favor of a larger rate cut. Since the early days of former Chairman Greenspan's tenure in 1988, the Fed's policy resolution has not yet been opposed by three directors. (Jin Shi)