Group 1 - The Federal Reserve has not made a decision regarding a policy rate reduction at the upcoming December meeting, indicating that market assumptions of a rate cut are premature [1][3] - There are strong differing views among committee members regarding the balance of risks between inflation and labor market conditions, highlighting the complexity of the current economic situation [2][4] - The recent data suggests a shift in risks, with higher downside risks to the labor market than previously anticipated, prompting a reevaluation of the policy stance towards a more neutral position [4][5] Group 2 - The committee is considering the need to balance its dual goals of controlling inflation and supporting employment, which may require adjustments to the policy rate depending on future data [5] - The approach to risk management is evolving, with the committee recognizing the need to adapt its strategy based on changing economic indicators [3][5]

Economic Outlook - The trade tensions between the United States and China pose a significant risk to Thailand's economic growth, with the central bank's deputy governor indicating limited room for further rate cuts [1][2] - The Bank of Thailand expects growth rates of 2.2% for the current year and 1.8% in 2026, which are below the potential growth rate of 2.7% [3] Monetary Policy - Despite sluggish economic growth, the central bank decided to maintain the key interest rate at 1.5%, which is historically low, rather than implementing cuts [4] - The deputy governor noted that lending rates have only dipped below this level three times in history, indicating limited maneuverability in monetary policy [4] Economic Constraints - The central bank is focusing on financial measures, such as debt restructuring schemes and loan guarantees for households and SMEs, rather than solely relying on funding conditions [5] - Recent data showed negative inflation for six consecutive months, driven by lower energy and food prices, but this does not necessitate a change in the central bank's inflation target of 1-3% [6]