The Federal Reserve's internal consensus mechanism is facing collapse, and the outlook for rate cuts remains uncertain.

According to Golden Ten Data, “Fed mouthpiece” Nick Timiraos wrote that Trump is expected to appoint a new Federal Reserve Chair in May next year, after which interest rates are expected to drop sharply. However, internal opposition within the Federal Reserve to a rate cut in December is growing, and Powell is facing the most severe internal resistance of his nearly eight-year tenure. Evercore ISI economist Krishna Guha stated that the decision-making process is breaking down, and next year may see a seriously divided committee, with the December meeting potentially seeing three or even more dissenting votes.