Federal Reserve Policy & Dissent - Two Fed members dissented on the recent rate cut decision: Governor Myron favored a 05% cut, while Kansas City Fed President Schmidt preferred no change [1] - Schmidt dissented because he didn't see policy as restrictive and was concerned about inflation exceeding the Fed's 2% target [2] - Dallas Fed President Logan, a non-voting member, shared a hawkish view, suggesting it would be difficult to support another rate cut in December unless inflation falls faster or the labor market cools more than forecast [2][4] - The comments reveal resistance within the Fed regarding rate cuts, prompting Powell to caution that a December cut is not guaranteed [5] Economic Indicators & Market Conditions - Schmidt believes the labor market is imbalanced and the economy shows momentum, with inflation spreading across goods and services [3] - He noted easy financial market conditions, including record high equities and narrow bond spreads [3] - Logan believes inflation is taking too long to return to the 2% target, and stock market gains are fueling wealthier household demand [4][5] - The economy accelerated through the summer, according to Schmidt [4] Future Policy Outlook & Data Dependence - The market still anticipates a December rate cut with a 68% probability, despite the Fed's divided stance [7] - The focus is shifting to determining the Fed's default position: whether the economy must prove the need for a cut, or prove that a cut is not needed [10] - Future policy decisions will likely depend on jobs data, including alternative jobless claims reports and weekly ADP data [11][12]

Look, it is the first meeting of minds since, well, first the Iran Israel war, but then also that Opec+ decision over the weekend to bring back extra barrels to the market. And the feeling is that opec+ have changed their strategy over the last couple of months. Why do you think that is the case. Why do you think they decided to accelerate the pullback.All right. Great to be with you, Jomana. You know, I don't think they've changed their strategy. I think they've doubled down on their strategy.It's clear go ...