Key points of the Federal Reserve meeting: voting reveals divisions, Powell may raise the threshold for rate cuts

According to Jin Ten's report, the core highlights of the Federal Reserve meeting show a divergence in voting. Barclays expects the policy statement to include hawkish language, suggesting a pause in rate cuts in January next year. JPMorgan believes the wording of the statement may be adjusted to "focus on the magnitude and timing of further adjustments," indicating a lower likelihood of rate cuts. Powell may avoid providing clear hawkish guidance, emphasizing that the threshold for rate cuts in early 2026 is very high, signaling a short-term pause in rate cuts.