According to Odaily Planet Daily, the Federal Reserve announced a 25 basis point interest rate cut, but Cleveland Federal Reserve Chairman Hammack opposed it and preferred to maintain the interest rate at 4.5%-4.75%.
Hammack became the second voter this year to oppose a rate cut, following Fed Governor Bowman's opposition to a 50 basis point rate cut in September. Hammack had expressed doubts about further rate cuts in the face of persistent inflation.