There are three dissenters to the Fed’s decision lower federal fundsOn Wednesday, the central bank cut interest rates by a quarter of a percentage point, marking the most divisive central bank cut in more than six years.

Chicago Fed President Austan Goolsbee joined Kansas City Fed President Jeffrey Schmid in voting not to cut interest rates. The newest member, Fed Governor Stephen Millan, has again called for a half-percentage point rate cut. It was Milan’s third consecutive dissent, calling for a half-percentage point rate cut at the October and September meetings. Schmid also called for no reduction in October.

The last time there were three dissenters during a Fed meeting was in September 2019.

In addition, four other so-called soft objections were raised by non-voting meeting participants. Policymakers forecast interest rates will remain at previous levels of 3.75% to 4% through the end of the year.

“The ‘strong disapproval’ from voting members and the ‘soft disapproval’ in the dot plot highlight the Fed’s hawkish base, and the reappearance of ‘extent and timing’ language in statements about future policy decisions may be an attempt to appease them,” said Kay Haig, global co-head of fixed income and liquidity solutions at Goldman Sachs Asset Management.

She added: “While this leaves the door open for future cuts, labor market weakness will have a high bar to overcome.”

However, dissent against a rate cut does not necessarily provide a window for action next year, said Christopher Rupkey, chief economist at FWDBONDS.

“Today, dissidents are pushing back against a faster pace of rate cuts, but the winds of change are already in the air,” he said. “A new Fed chair in 2026, and perhaps more new Fed officials, means there will be more rate cuts next year, as rate cuts figure prominently in Trump’s 2.0 economic agenda, if not explicitly listed, simply to combat the economic slowdown caused by uncertainty about import tariffs.”

—CNBC’s Jeff Cox contributed reporting.

Correction: The last time there were three dissenters at a Fed meeting was in September 2019. Earlier versions incorrectly stated the month and year.