Fed Governor Statements on Rate Cuts: Powell + FOMC Members Tracked (May 2026)

The Federal Reserve held the federal funds rate at 3.5%-3.75% on May 1, 2026, but the meeting was the most contested FOMC vote since late 1992. Yahoo Finance's live tracking recorded four dissenting policymakers: Governor Stephen Miran dissenting for a cut, three others dissenting against the statement's residual easing bias. For hedge fund rates desks, the headline hold barely registers. The dispersion across individual Fed voices is the trade.

Below is what each FOMC member, Reserve Bank president, and Fed governor has actually said in the last 90 days. Every quote is live in CEOInterviews.AI's corpus with full transcript context and timestamp. We cover Powell, Waller, Goolsbee, Daly, Hammack, Miran, Cook, and Bowman.

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Quick Answer: Where Each FOMC Voice Stands in May 2026

• Jerome Powell (Chair): Hold. Wants to see "backside" of energy shock and tariff resolution before cutting. Hike is now "as likely as a cut."
• Christopher Waller (Governor): Cautious near-term, "more inclined to cuts later in the year."
• Stephen Miran (Governor): Dissented for a cut. Sees AI as a productive supply shock raising the neutral rate.
• Austan Goolsbee (Chicago Fed): Moved from "optimistic about cuts" to "less optimistic" as inflation deteriorates.
• Mary Daly (SF Fed): Equal cut/hike probability. "Hold steady" is well-positioned.
• Beth Hammack (Cleveland Fed): "We've been missing on inflation for five years." Wants patience.
• Lisa Cook (Governor): AI productivity vs investment surge, net effect uncertain.

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Powell: Hike Now as Likely as Cut

The statement itself moved nothing. What moved the front-end was Powell's framing of where the committee actually sits. Jerome Powell opened with the standard language:

"Today, the FOMC decided to leave our policy rate unchanged. We see the current stance of monetary policy as appropriate to promote progress toward our maximum employment and 2% inflation goals."

Jerome Powell, May 1, 2026

Then this, the line that re-priced front-end rates:

"The number of people on the committee who either could support that language change changing to a more neutral stance so that a hike is as likely as a cut, that number has increased over the intermeeting period and it's easy to see why."

Jerome Powell, May 1, 2026

And the explicit hike option:

"We think our policy rate is in a good place. If we need to hike we will, we will certainly signal that and we will certainly do it."

Jerome Powell, May 1, 2026

The energy/tariff condition for any cut:

"I think we'd want to see the backside of that energy shock and progress on tariffs before we even thought about reducing rates."

Jerome Powell, May 1, 2026

Goolsbee: From Optimistic to Less Optimistic on Cuts

Austan Goolsbee's May 8 commentary was the strongest hawkish signal from any non-voting member this cycle. Goolsbee had been one of the more dovish voices through 2025; his shift is meaningful for the September meeting setup.

"I don't see how you can look at the current situation, and at least to me, view that the only thing that's on the table, conceivably, are rate cuts. Inflation's been above the target for five years. Stalled out."

Austan Goolsbee, May 8, 2026

"What has moved me from optimistic about rate cuts to less optimistic, is that inflation alone is getting worse. It's not even stalled out in progress. It's getting worse. Where the job market has been stable."

Austan Goolsbee, May 8, 2026

Goolsbee on AI's macro implications, directly relevant to investors trying to size the productivity dividend:

"The more people expect AI productivity gains and hype it, the bigger the threat that we could overheat the economy in the short run as everybody's trying to pull forward, with a wealth effect where high-end consumers increase spending before the economic potential arrives."

Austan Goolsbee, May 8, 2026

Waller: Caution Now, Cuts Later

Christopher Waller's April 23 speech laid out a clean framework: cautious near-term but more open to cuts later in the year:

"Abstracting from the effects of tariffs and energy, I see a forecast in which underlying inflation continues to move toward 2%, leaving me cautious about rate cuts now, and more inclined to cuts later in the year to support the labor market when the outlook is more steady."

Christopher Waller, April 23, 2026

"High inflation and a weak labor market is a very complicated problem for us policymakers. That may mean maintaining the policy rate at its current level, if the risk to inflation outweigh those to the labor market."

Christopher Waller, April 23, 2026

Waller also delivered a separate April 21 speech on Fed operational structure that has been read by Fed-watchers as positioning for an eventual leadership role:

"The punchline of this speech is that we need to do more to centralize our operations into national lines of business and move away from having individual reserve banks managing operational infrastructure from a bank mindset instead of a system mindset."

Christopher Waller, April 21, 2026

Miran: The Dissenter, and the Most Dovish Voice

Stephen Miran's dissent at the May 1 meeting is the most aggressive single dovish action by any Fed official in 2026. His April 10 framework speech laid out the case:

"AI is a great example of a positive supply shock that boosts productivity. Deregulation also pushes the neutral rate higher by improving productivity. Positive supply shocks will push the neutral rate higher because they improve the return on capital."

Stephen Miran, April 10, 2026

"Monetary policy is modestly restrictive, and I don't think that the labor market really calls for that."

Stephen Miran, April 10, 2026

Miran has also been the most vocal advocate for balance-sheet reduction:

"There are numerous reasons why reducing the balance sheet is a worthy goal. We should aim for as small a footprint in markets as possible to minimize government induced distortions, particularly funding market disintermediation."

Stephen Miran, April 2, 2026

Daly + Hammack: The Patient Middle

Mary Daly's May 7 framing puts her squarely in the wait-and-see camp:

"The right policy decision was the one everybody agreed to, which is to hold the rate steady, continue to collect information. Markets have priced in equal probabilities of a cut versus a hike, and the most likely probability is that we hold steady."

Mary Daly, May 7, 2026

Beth Hammack of the Cleveland Fed has emerged as one of the more disciplined hawks:

"On the other side of our mandate we've been missing our 2% objective on inflation for the past five years, and we've had a series of different shocks. But when we've been missing on our inflation mandate for five years, it's really difficult for me to step back and think that…"

Beth Hammack, May 7, 2026

"What I hear when I'm out with businesses is concern that an inflationary mindset is starting to become entrenched in people's minds."

Beth Hammack, May 7, 2026

Lisa Cook: The AI Macro Bridge

Lisa Cook's May 5 remarks made the explicit bridge between Fortune 500 AI capex (see our AI strategy piece) and the dual mandate:

"On the price stability side of our mandate, AI can improve productivity which can lower inflationary pressure, but it can also boost prices in the interim as AI adoption may lead to a surge in aggregate investment."

Lisa Cook, May 5, 2026

Side-by-Side: FOMC Spectrum in May 2026

Official	Voter?	Stance	Key Phrase
Powell	Voting Chair	Hold; hike "as likely as cut"	"Good place"
Waller	Voting Governor	Hold now, cuts later	"Cautious about cuts now"
Miran	Voting Governor	Cut (dissented)	"Modestly restrictive"
Goolsbee	2026 rotation	Cuts less likely	"Less optimistic"
Daly	Non-voter	Hold steady	"Well positioned"
Hammack	2026 rotation	Patient hawk	"Five years missing target"
Cook	Voting Governor	Studying AI net effect	"Net effects critical"

Why the Spread Matters for Macro Funds

Four dissents at one meeting is the most contested FOMC vote in 33 years, per Yahoo Finance. WisdomTree's analysis notes the dot plot itself is now under pressure as a forecasting tool given the dispersion.

When Powell shifts neutral and Goolsbee turns hawkish in the same week, the front-end of the curve re-prices regardless of the dot plot. The press release summaries miss this entirely. Reading the language directly is where rates desks now find the edge.

Frequently Asked Questions

Did the Fed cut rates at the May 2026 FOMC meeting?

No. The FOMC held the federal funds rate at 3.5%-3.75% on May 1, 2026. According to live coverage by Yahoo Finance, four FOMC members dissented, the most dissents at a single meeting since late 1992. Governor Stephen Miran dissented in favor of cutting; three others dissented against the dovish easing bias in the statement.

What is Powell's current stance on rate cuts?

On the May 1, 2026 press conference, Powell said the committee is "well positioned" and explicitly told reporters: "I think we'd want to see the backside of [the energy shock] and progress on tariffs before we even thought about reducing rates." He also revealed the committee has shifted toward neutral, meaning a hike is now as likely as a cut.

Which Fed governors are hawkish and which are dovish in May 2026?

Hawkish/cautious: Austan Goolsbee (worried about inflation re-acceleration), Beth Hammack (sees five years of missing the 2% target), Christopher Waller (cautious near-term, open to cuts later). Dovish: Stephen Miran (dissented in favor of cuts, sees AI as productive supply shock), Lisa Cook (focused on AI's net effect on the economy). All quotes are live in our corpus.

What did Powell say about a rate hike being on the table?

Yes, explicitly. Powell told reporters: "The number of people on the committee who could support that language change changing to a more neutral stance so that a hike is as likely as a cut, that number has increased." And: "If we need to hike we will, we will certainly signal that and we will certainly do it." That was a meaningful tonal shift from the prior meeting.

How do I get every Fed governor's speeches in one place?

CEOInterviews.AI's sister product FedWhispers.com (powered by the same corpus) indexes every FOMC member, Reserve Bank president, and Treasury Department appearance with timestamped quotes. CEOInterviews.AI's company hub includes Fed-related entities for cross-corpus search alongside corporate executives.