Odaily Planet Daily News P The annual changes in the composition of the Federal Reserve's FOMC voting members next year may slightly increase resistance to further rate cuts. Compared to the outgoing voting members, the incoming ones are more hawkish. Oscar Munoz, an analyst at TD Securities, stated, "This opens the door for more dissenting votes next year." At the December FOMC meeting, 4 of the 19 decision-makers at the Fed wrote down forecasts indicating that this rate cut was inappropriate, with Cleveland Fed President Mester casting a dissenting vote. Mester will exit the FOMC next year, to be replaced by Chicago Fed President Goolsbee, who believes that the policy rate needs to be significantly lowered next year, clearly more dovish than Mester. However, the other two new voting members—St. Louis Fed President Bullard and Kansas City Fed President George—will make the stance of the 2025 voting members much tougher, as they will replace the centrist Atlanta Fed President Bostic and San Francisco Fed President Daly. TD Securities analysts speculate that Bullard is one of the four policymakers who submitted forecasts opposing this rate cut, and George may also be one, as both have hinted at some hesitation regarding further rate cuts. The fourth could be Fed Governor Bowman, who opposed a 50 basis point rate cut in September but may have shifted to support this week's cut during the two-day meeting. (Golden Ten)