it is widely expected that the Federal Reserve will maintain interest rates at the meeting on January 28-29, which is the first pause since the Fed launched the interest rate cut cycle in September. Since the December meeting, the Fed's speeches have been roughly consistent with the hawkish economic forecast summary (SEP) released at that time, although the dovish remarks by Fed Director Christopher Waller in mid-January are worth noting. As new members rotate into the Federal Open Market Committee (FOMC) voting committee, the distribution of opinions is deviating from the midpoint and moving towards extremes. The members seem to have reached a broad consensus to maintain interest rates unchanged in January, but internal differences of opinion within the committee may lead to policy inaction, and the risk of dissent will increase over time.