The Federal Reserve's rate-setting committee is about to be replaced, and at the same time, renewed inflation concerns have complicated the central bank's decision-making. The Fed cut its benchmark policy rate by 25 basis points earlier this month, and hinted that it will only cut rates twice in 2025. Chairperson Jerome Powell made it clear that the central bank is entering a new phase, and the pace of future rate cuts is likely to be more gradual, depending on whether inflation is lower. In addition to the seven Fed governors and the president of the New York Fed, the presidents of the 11 regional Fed banks will also take turns voting on interest rate decisions at the FOMC (FOMC). The agency expects more differences in the FOMC in 2025. A review of committee voting members along the hawkish-dovish spectrum found that differences of opinion among FOMC voting members will intensify next year, with views scattered at both ends of the spectrum and less concentrated in the middle.