After the September FOMC meeting, several Fed officials expressed their views on the interest rate for 2025, among which:

Bostic (non-voting member for 2025) believes there is no room for further rate cuts now and thinks that one rate cut in 2025 will be sufficient.

Moussailem (2025 Ticket Committee) believes that if the risks of inflation rise further, then the space for continued interest rate cuts is limited. Factors such as a loose financial environment mean that the Fed should cautiously advance further rate cuts.

The newly appointed Milan (2025 ticket committee) has not actively discussed future monetary policy, but still supports significant rate cuts and states that the reasonable range for the Fed funds interest rate is about 2% to 2.5%.

Goolsbee (2025 voting member) believes that the neutral Intrerest Rate should be 100-125 basis points lower than the current level, theoretically leaning towards a neutral dovish stance.

Bowman (2025 voting member) believes that the Fed faces a serious risk of lagging behind, and if the job market continues to deteriorate, it will need to accelerate the pace of interest rate cuts.

Overall, the officials of the Fed still have a strong uncertainty regarding the last two rate cuts in 2025, which once again validates Powell's words that further data needs to be observed before making a decision. It also provides a clear judgment: if the unemployment rate rises and employment in the labor market declines, the possibility of a rate cut will increase. Additionally, if inflation declines, the likelihood of a rate cut will also rise, but the share of the labor market may be even more important. #BTC