Recently, Ethan Harris, the former chief economist at Bank of America Securities, expressed his views on the future policy direction of the Fed. He pointed out that internal consistency within the Fed has become difficult to maintain, and this trend may become more evident in the upcoming September meeting.

Harris analysis indicates that Waller and Bowman, appointed by Trump, supporting interest rate cuts has broken the harmonious situation of Fed decision-making. This means that future policy decisions may face more internal dissent.

Looking ahead to the September meeting, Harris expects a heated debate between the hawks and doves, adding uncertainty to the rate cut decision. Nevertheless, he believes that the current economic data still supports a 25 basis point rate cut.

Stephen Ricchiuto, Chief Economist at Mizuho Securities, also offered his views on the distribution of positions within the Fed. He noted that currently, neither the hawks supporting the maintenance of interest rates nor the doves favoring an easing policy have formed a majority. Most Fed officials still hold a neutral stance.

Rich Uto emphasized that the core of the internal debate within the Fed is whether it is necessary to support the currently weak labor market by cutting interest rates. This issue will be a key factor in determining the outcome of the September meeting.

As the uncertainty in the global economic situation increases, the direction of the Fed's policies will continue to be closely watched by the market. The outcome of the September meeting will not only affect the domestic economy of the United States but may also have far-reaching impacts on the global financial markets.