The former president of the New York Federal Reserve downplayed internal divisions in the Federal Reserve and bluntly stated that two directors had ulterior motives.

Former New York Fed President Bill Dudley wrote that Trump has almost no influence over Powell. The Supreme Court has confirmed that unless there is a "valid reason," the president cannot dismiss the chairman - and Trump's claim that renovation costs exceeded budget did not reach this threshold. Powell plans to serve as chairman until May 2026 and may continue as a governor. The control of the Fed is in his hands, not Trump's. Although Michelle Bowman and Christopher Waller, both governors, dissented from the rate decision, it would be biased to judge that there is a significant internal division within the Fed. According to the economic forecast released in June, all 19 members of the FOMC expect interest rates to be cut in the coming years. The only disagreements are regarding the timing and magnitude. Considering that these two members coincidentally appointed by Trump, their dissenting views should not be taken too seriously.