According to Jinshi Data, the annual changes in the composition of the Federal Reserve's FOMC voting committee next year may slightly increase resistance to further rate cuts. The incoming voting committee is more hawkish.
Oscar Munoz, an analyst at TD Securities, said this opens the door to more dissenting votes next year. At the December FOMC meeting, four of the 19 policymakers thought the rate cut was inappropriate.
Cleveland Fed President Hammack will step down from the FOMC next year and will be succeeded by Chicago Fed President Goolsbee, who is more inclined to dovish policies.
St. Louis Fed President Musalem and Kansas City Fed President Schmid will take over from centrist Atlanta Fed President Raphael Bostic and San Francisco Fed President Mary Daly, who are likely to take a tougher stance.