Stephen Miran, who was appointed to the Federal Reserve on Monday, was the only policymaker to vote against a move by the Fed to cut the interest rate by a quarter point — because it wasn't a big enough reduction.

The Federal Reserve voted 11-1 Wednesday to cut interest rates by a quarter-point, projecting it would do so twice more this year. This was the first time the Fed had cut rates since last December.

Miran, President Donald Trump's appointee, broke ranks to call for a larger half-point cut.

Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy.

Miran, on leave as the head of the White House's Council of Economic Advisers, was sworn in as Fed governor on Tuesday. 

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