Federal Reserve Chairman Jerome Powell: Money market liquidity has tightened over the past three weeks.

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Advocating for a Significant Rate Cut 1. Federal Reserve Governor Milan: Supports a 50 basis point rate cut in October. Two more rate cuts this year sound realistic. The difference in policy views with colleagues is more about the pace of rate cuts than the ultimate goal. Dovish 1. Federal Reserve Chairman Powell: Money market liquidity is gradually tightening, and balance sheet reduction may be nearing its end in the coming months; recent economic activity data is stronger than expected, and downside risks to the labor market are increasing. Acting too slowly could suppress employment, while acting too quickly could derail the anti-inflation campaign. 2. Federal Reserve Governor Waller: Supports a 25 basis point rate cut in October. Officials can gradually ease monetary policy by cutting rates by 25 basis points at a time to support the weak labor market. Rate cuts are necessary, but should be done cautiously. 3. Federal Reserve Governor Bowman: Continues to expect two more rate cuts before the end of the year. As long as the labor market and other economic data develop in the direction I expect, we will continue along the path of lowering the federal funds rate. 4. Fed's Collins: Given reduced inflation risks and concerns about the labor market, further rate cuts seem "prudent," and a further 25 basis point cut might be appropriate. 5. Fed's Williams: Supports further rate cuts this year, despite inflation having deviated from the central bank's 2% target in recent months. Rate cuts are intended to prevent further widening of the labor market rift. Hawkish: 1. Fed Vice Chairman Jefferson: Inflation and employment targets are at risk, requiring caution. 2. Fed Governor Barr: The Fed should be cautious about further rate cuts. Current rates are moderately restrictive, tariffs pose risks to inflation, and the seemingly balanced labor market has potential vulnerabilities. 3. Fed's Mussalaim: Skeptical of further rate cuts. Supports a 25 basis point rate cut in September due to increased risks in the labor market, but further rate cuts could indicate excessive complacency regarding price increases, given that inflation is nearly one percentage point above the Fed's 2% target. 4. Fed's Schmid: Inclined towards not cutting rates further; should continue to monitor the risk of excessive inflation as the Fed seeks a balance between the risks of overly tight and overly loose policy. 5. Fed's Goolsby: Cautious about premature and significant rate cuts; not expecting inflation to subside on its own. He sees both aspects of the Fed's dual mandate deteriorating. (Fed Governor Cook did not speak publicly after the September meeting. If both opposing opinions emerge this time, it would be the first time since the September 2019 Fed meeting.)