Key Takeaways Typically, I don't do a follow-up blog post to my post-FOMC "take,†but heading into 2026, the outlook for monetary policy has gained a tremendous amount of attention. Indeed, not only will the Fed have a new Chair, but the actual decision-making process of the policy maker is also being debated. It's against this backdrop of a "house divided†that a more in-depth analysis is warranted, as it appears as if the Fed now has what we could call "silent dissenters.†What exactly is meant by the te ...