Federal Reserve Governor Cook unexpectedly voted to raise interest rates by 25 basis points, contrary to the Federal Reserve's decision to keep interest rates between 3.75% and 4.00%. In a vote of 10 votes in favor and 2 against, Cook voted against along with Cleveland Federal Reserve Chairman Hamak. Hamak has always advocated tightening monetary policy. This is the first time Cook has voted against an interest rate decision since joining the Federal Reserve in 2022. Meanwhile, US President Trump is making a second attempt to remove Cook from the Federal Reserve Board of Governors; an earlier attempt was blocked by the Supreme Court.

Federal Reserve Governor Cook unexpectedly voted to raise interest rates by 25 basis points, contrary to the Federal Reserve's decision to keep interest rates between 3.75% and 4.00%. In a vote of 10 votes in favor and 2 against, Cook voted against along with Cleveland Federal Reserve Chairman Hamak. Hamak has always advocated tightening monetary policy. This is the first time Cook has voted against interest rate decisions since joining the Federal Reserve in 2022. Meanwhile, US President Trump is making a second attempt to remove Cook from the Federal Reserve Board of Governors; an earlier attempt was blocked by the Supreme Court.