According to PANews, the Federal Reserve's 2025 voting members will include two hawkish, one dovish, and one neutral member. The new rotating members are Austan D. Goolsbee, President of the Chicago Fed; Susan M. Collins, President of the Boston Fed; Alberto G. Musalem, President of the St. Louis Fed; and Jeffrey R. Schmid, President of the Kansas City Fed. They will replace the 2024 members: Thomas I. Barkin of the Richmond Fed, Raphael W. Bostic of the Atlanta Fed, Mary C. Daly of the San Francisco Fed, and Beth M. Hammack of the Cleveland Fed.
Bloomberg analysts suggest that the 2025 Federal Open Market Committee (FOMC) voting members will have more diverse stances, potentially leading to increased disagreements. Barron's notes that the rotating members might tilt the Fed's decisions towards a more hawkish stance in 2025. Reuters analysis indicates that as time progresses, Fed policymakers may encounter renewed divisions, especially if the labor market cools faster than inflation. The increase in hawkish members could heighten the risk of disagreements, although it may not alter policy outcomes.
The Federal Reserve's website indicates that eight meetings are scheduled for 2025, occurring in January, March, May, June, July, September, October, and December. The dot plot released by the Fed in December 2024 shows a reduction in the projected number of rate cuts for 2025, from four in September to two, with the median interest rate forecast rising from 3.4% to 3.9%.