The FOMC has not had three or more dissents at a meeting since 2019.

BY REUTERS

The Federal Reserve. Photo: Getty Images

The Federal Reserve meeting next week is expected to be one of its most contentious in years, and investors are focused on how divided policymakers are over an expected interest-rate cut and what Chair Jerome Powell signals about the path ahead.

Five of the 12 voting members of the Federal Open Market Committee have voiced opposition or skepticism about further easing, while three members of the Washington-based Board of Governors favor a cut.

The FOMC has not had three or more dissents at a meeting since 2019, and that has happened just nine times since 1990.

That split puts the dissents under a microscope as investors look for signals at the Tuesday-Wednesday meeting on the Fed’s policy direction and internal dynamics.

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“The Fed seems to be more divided than it has been in a very, very long time, and just how divided will be of interest because that will give some sense of perhaps where the Fed might lean in the future,” said Michael Rosen, chief investment officer at Angeles........

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