How exactly does the FOMC make rate decisions? How does Powell keep pushing through rate cuts despite opposition, and implications for next year?

According to Axios & other financial media, at least 5 voting FOMC members have publicly stated in recent weeks they oppose lowering rates today (December 10, 2025), if not the foreseeable future until/unless inflation decelerates: [https://www.axios.com/2025/11/21/fed-rate-cut-fomc-lisa-cook](https://www.axios.com/2025/11/21/fed-rate-cut-fomc-lisa-cook)

However, financial markets expect a -0.25% move as a near-certainty. This means on paper, Powell would have to get all 7 remaining voters on board … or not.

In practice, many FOMC members will blabber about their personal preferences in media interviews, but consistently side with the chair on the official recorded vote. Why they do this is not entirely clear: the FOMC prides itself in being an independent, consensus-minded organization, but has also been criticized for excessive groupthink. Also, with Powell’s chairmanship coming to an end, it’s not clear why so many FOMC members act like they owe some kind of allegiance to him.

**So the truth is FOMC decision making lies somewhere between “one person, one independent vote” and “the chair dictates all policy decisions.”**

Which brings the topic of discussion to next year’s leadership transition. Trump has stated in interviews he wants nominal rates below 1% (he’s repeated this specific number multiple times) and has made lowering rates his #1 litmus test in looking for a new chair. **But financial markets are currently pricing in ”only“ -0.50 to -0.75% of cuts in 2026.** lf the rumored front-runner Kevin Hassett (or whomever else Trump nominates) succeeds Powell, couldn’t he use the same powers of the position to force rates much lower?