Cautious easing: What the Fed’s 9–3 vote means for 2026
The Fed delivered its third straight rate cut, but internal divisions signal a more cautious path ahead.
At 3.5%–3.75%, rates are now at a three-year low — yet policymakers remain split on whether inflation or the cooling labor market poses the bigger risk.
This is shaping up to be one of the Fed’s most divided periods in years, and the next few months of data will be pivotal.
