Recent minutes from the Federal Open Market Committee reveal significant divides among officials regarding the potential for a rate cut in December. Some members expressed strong opposition to further cuts, while others, including Fed official Waller, advocate for a reduction in response to a weakening job market. The uncertainty surrounding the upcoming jobs data and inflation concerns complicate predictions. As traders reassess their positions, bets on a December cut appear increasingly cautious, with markets now viewing it as a coin toss. The internal rifts within the Fed highlight a departure from the previously unified stance during Jerome Powell’s leadership, raising questions about the future trajectory of U.S. interest rates.