Under normal circumstances, a pair of dissents in favor of a rate cut would be taken as a sign the Fed is taking a dovish turn, Tom Essaye, editor of Sevens Report Research, wrote in a Tuesday note. It would be signal that policymakers are moving in favor of easing, making a reduction at the next meeting a more likely event.

U.S. President Donald Trump on Monday again called on the Federal Reserve to cut interest rates, saying it would help propel the U.S. economy.

Since taking office for a second time in January, Trump has repeatedly criticized Powell, whom he appointed in 2017, and his agency for not cutting interest rates quickly enough.