BNY's Vincent Reinhart: Expecting another rate cut in December, but vote likely to be split

Monetary Policy Outlook - The FOMC is divided on future rate cuts, with some members favoring additional cuts and others believing they have done enough [4] - The differing views within the FOMC reflect disagreements on how to conduct policy given the current economic outlook [5] - Market participants anticipate further rate cuts, influenced by forecasts that consider macroeconomic fundamentals and potential political influence on the Federal Reserve board [10][12] FOMC Communication and Decision-Making - FOMC participants engage in public speaking to communicate and attempt to convince each other regarding policy decisions [6] - The market may react adversely if the case for another rate cut is not well explained by Chair Powell [9] Economic Conditions and Inflation - The FOMC's view of economic activity and inflation is expected to remain consistent with the summary of economic projections from September [2] - Inflation remains a concern, with some FOMC members arguing that it is not at the desired level and that there are upside risks [5] Future Considerations - A new chair and voting members will join the FOMC next year, potentially influencing future policy decisions [10] - Political factors, such as the White House's ability to appoint a majority to the Federal Reserve board, could significantly impact future interest rate policy [12]