Federal Reserve policymakers offered a range of views late last week and on Monday, underscoring a sharply divided outlook ahead of the December 9–10 meeting, with some officials warning of inflation persistence while others emphasised rising labour-market risks.

Reuters collated the views, I’ve summarised.

Governor Lisa Cook :

• described a “tug-of-war” between the Fed’s twin mandates, calling the December meeting “live” for a possible rate cut but not guaranteed.
• “Keeping rates too high increases the likelihood that the labour market will deteriorate sharply,” she said, though cutting too much risks unanchoring inflation expectations.

San Francisco Fed President Mary Daly

• said last week’s cut “insurance” against labour weakness
• she remains open-minded about another move in December. “It would be an unfortunate outcome if we reach 2% inflation at the cost of millions of jobs,”

Governor Stephen Miran, at the Fed to push Trump’s desire for rate cuts:

• reiterated his call for deeper cuts
• saying buoyant stock and credit markets don’t necessarily indicate loose policy
• warning that overly restrictive settings heighten recession risk

Kansas City Fed President Jeffrey Schmid and several regional peers, including Dallas’s Lorie Logan, Cleveland’s Beth Hammack, and Atlanta’s Raphael Bostic, signalled discomfort with further easing.

Chicago Fed President Austan Goolsbee said he remains undecided for December but is “nervous” about persistent inflation, noting it has run above the Fed’s 2% target for more than four years.

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Markets currently price roughly a 60% chance of another 25bp cut in December, though commentary suggests the outcome will hinge on upcoming jobs and inflation data.