Milan further revealed his policy stance, saying that if his vote is decisive in the next rate decision, 'I will vote to cut rates by 25 basis points.' These doves are getting more and more aggressive. But keep in mind, Milan was just shoved into the Fed by Trump right before the last meeting, and he’s been a strong supporter of Trump’s aggressive policies—last time, he even pushed for a 50BP cut. Since Williams (a major establishment figure) has also softened his stance, it shows that the establishment and the Trump camp have reached a consensus on a December rate cut. If more news continues to come out, the market will gradually re-price in expectations for a December rate cut. Currently, the CME’s probability for a December rate cut has already rebounded to 75.3%.