Fed meeting sees highest dissent since 1992, no rate cut expected
Bitcoin Ethereum News The April 29 FOMC meeting recorded the highest number of dissenting votes since October 1992, and the market for a 25 bps cut after the April meeting sits at 0% YES despite Governor Stephen Mirans call for a rate cut. Market reaction The dissent split in both directions. Miran pushed for easing, while Hammack, Kashkari, and Logan opposed the easing bias and leaned hawkish. Odds for a 50+ bps cut also sit at 0% YES. No significant shifts in odds have followed the internal policy rift. The markets face value for these bets is in the millions, but actual USDC traded is much lower. It takes $1,966 to move the 25 bps market 5 percentage points, making it susceptible to larger orders. Why it matters This level of FOMC dissent hasnt occurred in over 30 years. The split runs in opposite directions, with one governor wanting cuts and three officials resisting the easing bias, which means the committee is not converging on any single path. That internal fracture could produce abrupt policy shifts if economic data changes meaningfully. What to watch At 0.1¢, a YES share on a 25 bps cut offers a massive potential payout, but its a bet against current policy signals.