The 8-to-4 vote marked the first time since October 1992 that four officials dissented against an FOMC decision.

"While it's true that inflation is less problematic than it was some years ago, hard-working Americans are no doubt feeling it. I think that means a regime change in the conduct of policy."

“Higher-income customers were unconstrained, but ‘customers in the middle to lower end of the financial spectrum are tightening the belt.’”

“I have some concerns, and I lean more to the ‘When it’s foggy, let’s just be a little careful and slow down.’”

The absence of a full suite of official economic data has ramped up concern that the Fed won’t get a clear read on how the economy is evolving, increasing the potential for policy mistakes as the Fed’s mandates of price stability and maximum employment are pulling officials in opposite directions.

Other FOMC members remain concerned about inflation and do not currently support an another interest rate cut in October.

Although inflation remains “somewhat elevated,” FOMC officials agreed to cut interest rates because “downside risks to employment have risen.”

“Many firms passed on at least a portion of cost increases to consumers through price hikes or surcharges, although some held off raising prices because of customers’ growing price sensitivity, resulting in compressed profit margins,” according to the Fed’s latest Beige Book survey.