Overview
- Fed Governor Stephen Miran reiterated his preference for a 50 basis point cut in December and said a quarter-point move should be the minimum.
- He dissented at the September and October meetings after the committee opted for 25 basis point reductions.
- Centrists and hawks, including St. Louis Fed President Alberto Musalem, warned that inflation near 3% and loose financial conditions argue for caution, while San Francisco’s Mary Daly urged an open mind.
- Futures pricing still assigns roughly a 60%–67% chance of another cut in December, though odds have drifted lower in recent days.
- With official releases delayed by the shutdown, officials are weighing private gauges and sector strains in housing and private credit as they assess next steps.