Fed Meeting Minutes: Dissent Dissects Deepening Worries

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December US Federal Reserve Meeting Saw Unusual Dissent as Members Sounded Worried on Economic Data

By S JHA

Mumbai, December 31, 2025 — A 9-3 vote for the December rate cut by the US Federal Reserve has brought focus on scale of likely rate cuts in 2026. The minutes of the US Fed meeting this month revealed that not only three members dissented, but the supporters of the rate cut were also not convinced of the economic data.

Among the three dissenters, one had wanted 50 basis rate cuts. Two had opposed the decision. Three dissents for the US Fed decision run against the usual consensus mode.

The minutes of the meeting are closely monitored for cues on future rate cuts. Analysts hoped earlier that there will be at least two rate cuts in 2026. One could be as early as January 2026.

But the minutes of the meeting of the 19-member US Fed revealed that members are “worried at the scale of inflation and also joblessness.” Only 13 members vote per convention, while all of them took part in the December meeting of the US Fed.

It may be noted that the US-based economists have been voicing concerns at the labour department not disclosing the job data on time. The US bourses closed the Tuesday session in losses after the release of the minutes of the Fed meeting.

Stephen Miran, a recent appointee in the US Fed by President Donald Trump, had sought a 50-basis point cut. A few members were keen that the Fed should wait for additional data before making a decision. The meeting came close on the heels of longest federal shutdown in the US.