12.20Reserve FOMC voting committee next year may slightly increase resistance to further interest rate cuts. Compared with the outgoing voting members, the incoming voting members are more hawkish. "This opens the door to more dissenting votes next year," said Oscar Munoz, an analyst at TD Securities.
At the December FOMC meeting, four of the Fed's 19 policymakers wrote down predictions that the rate cut was inappropriate, with Cleveland Fed President Hammack casting a dissenting vote as a voting member. Hammack will exit the FOMC next year and be replaced by Chicago Fed President Goolsbee, who believes that the policy interest rate needs to be germany phone number list significantly lowered next year and is clearly more dovish than Hammack. But the voting committee will be toughened by two new members St. Louis Fed President Musalem and Kansas City Fed President Schmid who will replace Atlanta Fed President Bostic and San Francisco Fed President Mary Daly, who are seen as centrists.
Analysts at TD Securities speculated that Moussallem was one of four policymakers who submitted forecasts opposing the rate cut, and the other may be Schmid, and both have signaled some hesitation about further rate cuts. A fourth could be Fed Governor Bowman, who opposed a 50 basis point rate cut in September but could switch to supporting a cut this week during the twoday meeting.