It's reasonable for the Fed to be split at this point, says fmr. Fed Governor Frederic Mishkin

分组1 - The Federal Reserve is experiencing a divided committee with a close vote regarding a potential rate cut, indicating differing opinions on monetary policy direction [1][2] - Inflation remains above the Fed's target, and while the labor market shows signs of weakening, the overall economy is still considered solid, leading to a balanced view on rate adjustments [3][4] - The independence of the Federal Reserve is under scrutiny, particularly due to the current administration's stance and the upcoming change in leadership, which could influence future monetary policy decisions [6][10][13] 分组2 - Market-based inflation expectations have remained relatively stable, suggesting that there is currently no significant alarm regarding the Fed's commitment to its inflation target [11] - The potential for rapid changes in market sentiment exists, especially with new information or leadership at the Fed, which could impact decision-making and market reactions [12][13] - Historical patterns indicate that when the Fed appears to lack seriousness about controlling inflation, it can lead to negative consequences, referred to as inflation scares [14]