Who Will Vote on Fed Policy Next Year?

But there is disagreement over how far officials need to cut to reach that neutral level.

Schmid has said a slower pace of rate cuts will allow officials to find out.

“While I support dialing back the restrictiveness of policy, my preference would be to avoid outsized moves, especially given uncertainty over the eventual destination of policy and my desire to avoid contributing to financial market volatility,” Schmid said on Oct. 21.