And the Fed does this while Miran wanted/wants them to do that/this

There was some softer labor growth/persistent inflation type acknowledgement in the first paragraph of the FOMC statement when they said “Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated.” This compares with the late July wording that said “The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.”

In substantiating the cut, with more to come, they highlight that “downside risks to employment have risen” and without mention of upside risks on inflation.

Not surprisingly, Stephen Miran with his very first vote wanted a 50 bps cut. Waller and Bowman who wanted a 25 bps cut in July voted with the majority.