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.

The conclusion of the Federal Reserve’s policy meeting on Wednesday could produce a historic dissent.

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.

US stocks were mixed Monday and the S&P 500 eked out a record high for the sixth day in a row as investors digested the announcement of a trade deal between Washington and Brussels.