Market Focus on Powell's Statements Ahead of the Next FOMC Decision

Barclays' latest analysis is attracting attention. It points out that the voting dynamics within the FOMC are becoming more complex as the Federal Reserve's interest rate decision approaches next month.

**Current Voting Trends in the Committee, Still a Close Race**

Current observations suggest that six voters support keeping rates unchanged, while five support a rate cut. In this context, Chairman Powell's stance is likely to play a decisive role, as it is extremely difficult for directors to openly oppose the Chairman's policy.

**Diverging Views Among Factions**

The rate-cutting faction is strongly supported by Director Milan, Director Bown, and Director Waller. Meanwhile, the President of the Federal Reserve Bank of Musalem and Chairman Schmitt have indicated a stance favoring maintaining current rates.

For Directors Barr, Jefferson, and also Goolsbee and Collins, recent statements suggest a tilt toward holding steady. While a clear stance has not yet been established, close attention to their future comments is necessary.

On the other hand, Directors Cook and Williams are more susceptible to data trends, but there is a growing view that their stance favors a rate cut.

**Chairman Powell's Influence, Key to Market Expectations**

Ultimately, Powell's statements are likely to significantly influence the outcome of this decision. Despite differences within the committee, the Chairman's judgment is expected to shape market expectations.