Fed Gov. Chris Waller has argued for months that tariffs would not raise inflation much, giving the central bank room to cut U.S. interest rates. He acted on his belief by dissenting in Wednesday’s vote by the Fed to leave rates unchanged.

Federal Open Market Committee votes to hold rates at 4.25-4.5 per cent at its July meeting on Wednesday Two members dissented against the decision, Michelle Bowman and Christopher Waller. Both voted to lower rates by a quarter percentage point, the first such double dissent since 1993