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 Federal Reserve holds its latest interest rate meeting this week, with policymakers expecting rates to be left unchanged despite President Donald Trump's calls for interest rate cuts.

President Trump has kept up his campaign for Federal Reserve Chair Jerome Powell to lower rates despite saying there was "no pressure."