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 kicks off its July meeting on Tuesday, with Fed Chair Jerome Powell set to speak on Wednesday and deliver the central bank's latest interest rate decision. Markets are largely expecting the Fed to hold rates steady,

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