According to Jinshi Data, Fed watchers have noticed that despite the rapid rate hikes in the past few years and the recent rate cuts, there have been relatively few dissents in the Fed's official rate-setting votes. Fed's Daly said in a speech at New York University's Stern School of Business that this does not mean that there are no heated debates at every FOMC meeting. Daly pointed out that the voting committee may disagree with a decision of the Fed, but if the degree of disagreement does not rise to a firm disagreement, they will not raise objections. She emphasized that dissent is not the only sign of disagreement and debate.