Federal Reserve Chair Jerome Powell said on Wednesday that there “wasn’t widespread support at all” within the Federal Open Market Committee (FOMC) for a deeper 50 basis point rate cut at today’s policy meeting.

The Fed lowered its benchmark interest rate by 25 basis points to 4.00%–4.25%marking its first reduction of 2025. While some members, including newly appointed Governor Stephen Miranhad pushed for more aggressive easing, Powell’s comments underscored that the majority of policymakers favored a more measured approach.

Markets are continuing to parse Powell’s remarks for signals on the pace of further rate cuts through 2025, with the Fed’s dot plot projections pointing to at least two additional reductions this year.