The Federal Reserve's internal consensus mechanism is crumbling, and the prospect of interest rate cuts is uncertain.

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"Fed mouthpiece" Nick Timiraos wrote that Trump expects interest rates to drop significantly after appointing a new Fed chair in May next year. However, opposition to a rate cut in December is growing within the Fed, and Powell is facing the most severe internal resistance in nearly eight years.

Evercore ISI economist Krishna Guha stated that the decision-making process is breaking down, and next year may see a serious split within the committee, with three or more dissenting votes possible at the December meeting. 

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