In recent analysis, the Federal Reserve indicated that a December policy-rate cut is “far from a foregone conclusion”, as internal views diverge on how to proceed. One board member advocated a larger cut while another argued for no change, pointing to concerns about data gaps and the ongoing US government shutdown. The commentary suggests markets should temper expectations of a near-term pivot and prepare for prolonged higher-for-longer interest-rates. Investors are recalibrating their strategies accordingly.