Some further reading for those used to a Fed where the chair always gets his or her way: In 1978, just three months after he became Jimmy Carter's Fed chair, G. William Miller was in the minority, as his colleagues voted to raise rates. https://www.washingtonpost.com/archive/business/1978/07/22/fed-panel-voted-rise-in-interest/d818e20d-02da-4689-b388-b801dd03a84c/ That led to another unusual vote in March 1979, when the Fed chair prevailed on a 6-4 vote against raising rates—over the public objections of Carter's Treasury secretary, who had tried to swing two votes in favor of a hike. Volcker, the New York Fed president who would become Fed chair before the end of the year, voted with the minority to raise rates. https://www.nytimes.com/1979/04/21/archives/fed-policy-unit-rejected-tighter-credit-in-march-fed-vote-on-credit.html "Deeply divided over whether recession or inflation was the greater danger, the top policy‐making body of the Federal Reserve System defeated by a vote of 6 to 4 an attempt at its March meeting to raise interest rates, the Fed reported today... The Secretary, who presumably knew that the committee had divided almost evenly, was evidently trying to swing two votes to Mr. Volcker's side at the next Open Market Committee meeting, held on April 17."(Nick Timiraos)