The composition of the Federal Reserve's rate-setting committee is about to change, and at the same time, renewed concerns about inflation are making the central bank's decisions more complicated. 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 made it clear that the central bank is entering a new phase, and 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 Federal Reserve Banks will also take turns voting on rate decisions in the Federal Open Market Committee (FOMC). Institutions expect more disagreements within the FOMC in 2025. An assessment of the voting members of the committee along the hawkish-dovish spectrum reveals that the divergence among FOMC voting members next year will intensify, with opinions scattered at both ends of the spectrum and less concentrated in the middle.