The Federal Reserve's internal disagreements intensify: some officials are cautious about rate cuts in the new year

The Federal Reserve's December meeting minutes were released on the 31st, indicating that although the Federal Open Market Committee did implement rate cuts, some officials showed明显保留 (obvious reservations) about further easing policies, suggesting that the rate cut proposal at the January meeting may face greater resistance.

**Economic data难以支撑快速降息 (difficult to support rapid rate cuts)**

From the economic data released after the December meeting, consumer spending performed strongly, continuing to drive GDP growth. However, unemployment rate data showed a slight increase, creating a contradictory situation of stable growth but weak employment. This complex economic signal is also an important reason why some Federal Reserve officials remain cautious about continuing rate cuts.

The minutes特别强调 (especially emphasize) that the duration of the inflationary cycle has exceeded expectations, further increasing hesitation among decision-makers. Faced with inflation still not fully under control, some officials believe that the pace of rate cuts should be slowed.

**January决议 (resolution)需要新的数据支撑 (new data support)**

The Federal Reserve is about to hold a rate decision meeting at the end of January. Before that, new economic data will be released sequentially, and these data are expected to have a significant impact on the attitudes of Federal Reserve officials. If economic data continues to be strong, some officials who previously opposed may further strengthen their stance, thereby changing the voting outcome.