Core Viewpoint - There is a significant divergence within the Federal Reserve regarding the path of interest rate cuts, with some officials supporting cuts after inflation declines, while the majority emphasize the need to maintain a "dual" rate guidance due to slow inflation progress and reduced employment downside risks [2] Group 1: Federal Reserve's Internal Disagreement - Some officials advocate for interest rate cuts following a decrease in inflation [2] - The majority of committee members highlight the slow progress of inflation and the need to retain a "dual" rate guidance to allow for potential rate hikes in response to high inflation [2] Group 2: Labor Market and Interest Rate Outlook - Federal Reserve Governor Milan indicates that improvements in the labor market may lead to fewer interest rate cuts this year [2] - The expectation of a prolonged high-interest environment raises concerns about tightening liquidity, which increases financing costs and creates headwinds for risk assets [2]