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.

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 A slimmed down statement offered little additional detail other than recognition that economic growth moderated in the first half of the year,