FOMC Members Concerned About Rapid Policy Shift, Oppose Rate Cut

According to Odaily, some members of the Federal Open Market Committee (FOMC) are worried about the potential consequences of a rapid or decisive shift in monetary policy. These members are expected to strongly oppose a 50 basis point rate cut next week. Additionally, Steve Sosnick, Chief Strategist at Interactive Brokers, noted that the higher-than-expected core data is not what traders were hoping for. He emphasized that this is the second consecutive instance of labor cost data exceeding expectations, with actual average hourly and weekly earnings rising more than anticipated.