Dec. 19 at 3:14 PM
The Fed projects just one rate cut in 2026—but who's voting matters as much as the dot plot. The FOMC composition is changing significantly next year, and it could shift the direction of monetary policy:
⏰ Stephen Miran's term expires January 2026
⏰ Jerome Powell's term as chairman expires May 2026 (though his governor term runs to 2028)
⏰ Atlanta Fed president Raphael Bostic retires February 2026, though Cleveland, Philadelphia, Dallas, and Minneapolis bank presidents will rotate in as voting members—three of whom have made hawkish comments recently.
A few other year-end market observations:
📊 FactSet posted its list stocks with the most pessimistic price targets from analysts. Three of those stocks-
$ALB ,
$LUV , and
$JBHT --were on the list I posted last week of
$SPX stocks with the potential to surprise.
🎄 The cost of the 12 Days of Christmas is up 4.5% to
$51,476—gold rings (+32.5%) were the biggest driver per PNC
https://www.aaii.com/investor-update/article/396804-december-charts-of-interest-changes-among-the-interest-rate-setters
