Two Fed officials who opposed interest rate cuts explain their reasons, while Gulbrandson is optimistic about the prospect of rate cuts in 2026.

Chicago Fed President Evans said he holds a relatively optimistic view on the prospects of rate cuts in 2026, but he voted against a rate hike this week as he hoped to wait for more inflation data. Evans said in a TV interview on Friday that he does not consider himself to be biased towards a hawkish stance on interest rates next year. "I am one of the most optimistic people about interest rate declines in the next year." His statement came after the Fed's decision to cut interest rates this week, although he himself voted against the move at the meeting. This is Evans' first dissenting vote since joining the Fed in 2023, and it is in line with Kansas City Fed President Schmidt's position. Schneider had previously voted against rate cuts at the October meeting and again voted against them this week. Earlier, Evans explained his voting reasons in a statement, saying that inflation has been persistently above target for four and a half years, and recent months have seen no improvement in inflation progress. In addition, both businesses and consumers in his district have recently considered price issues as a major concern. In this context, he believes a more cautious approach is to wait for more information rather than immediately cutting rates. Although Fed Chairman Powell successfully pushed for the third 25 basis point rate cut of the year at Wednesday's meeting, dissenting voices within the decision-making body were actually more widespread than the two dissenting votes might suggest, indicating an increasing divergence within the policy path. In contrast, Philadelphia Fed President Paulsen sent a more dovish signal on Friday. She stated that she is more concerned about the possibility of labor market weakening than the risks of rising inflation. Paulsen will rotate into the Fed's voting lineup next year, while Evans and Schmidt will rotate out. She pointed out at an event in Delaware that there is a possibility of further decline in inflation next year, while the labor market, although still performing well, is facing increasing downside risks. Evans also mentioned in his statement that the inflation data released before the government shutdown in October and November made him more cautious about cutting rates in the short term. Due to the government shutdown, the release of several key economic data was delayed, leaving a void in policy judgments. He said that some worrying readings appeared before the data "silence," but key information will continue to be received in the coming months, and he hopes that these data will strengthen confidence that inflation is steadily returning to the 2% target. Schneider also outlined the reasons for his second consecutive vote against rate cuts in another statement. He pointed out that inflation is still high, the economy maintains momentum, and although the labor market is cooling down, it is still relatively balanced overall. In his view, the current monetary policy stance is at most mildly restrictive and may not even have a clear inhibitory effect.