The Federal Reserve's rate-setting committee is about to undergo changes, and meanwhile, the renewed concerns about inflation are making the central bank's decisions more complex. Earlier this month, the Federal Reserve lowered the benchmark policy rate by 25 basis points and hinted that there would only be two rate cuts in 2025. Chairman Powell clearly stated that the central bank is entering a new phase, where future rate cuts may be more gradual and dependent on whether inflation decreases. In addition to the seven members of the Federal Reserve Board and the President of the New York Fed, the presidents of 11 regional Fed banks will also take turns voting on rate decisions at the Federal Open Market Committee (FOMC). Institutions expect more divergence within the FOMC in 2025. An assessment of the committee's voting members along the hawkish-dovish spectrum reveals that next year's FOMC voting members will have more pronounced disagreements, with views dispersed across both ends of the spectrum and less concentrated in the middle.