Fed Faces Three or More Dissents in December as Consensus Model Breaks Down

The Federal Reserve may see three or more dissenting votes at its December meeting, potentially ending over 30 years of consensus-driven decision-making, Nick Timiraos reports. Fed Chair Jerome Powell faces the most significant internal resistance of his near eight-year tenure, whether he holds or cuts rates in December. Evercore ISI economist Krishna Guha said the committee could experience severe divisions in the coming year, with monetary policy outcomes determined by narrow majorities rather than broad consensus. President Trump expressed expectations for substantial rate cuts following his anticipated appointment of a new Fed chair in May, though internal opposition suggests such outcomes remain uncertain even with leadership changes.