["Fed's Mouthpiece": Three Rate Cuts Fail to Resolve Internal Disputes, Beware of "Stagflation Risk"] According to a report by Jinse Finance, Nick Timiraos, known as the "Fed's Mouthpiece," recently wrote that Federal Reserve officials have cut rates for the third consecutive meeting. However, there is unusual internal disagreement over whether inflation or the labor market should be the greater concern, leading officials to signal a low willingness to continue cutting rates. Public comments from Fed officials in recent weeks reveal significant divisions within the committee, to the extent that the final decision may depend on how Fed Chair Jerome Powell wishes to proceed. Powell's term is set to expire in May next year, meaning he will preside over only the next three rate-setting meetings. Persistent price pressures, coupled with a cooling labor market, present the Fed with an unpleasant trade-off, a situation it has not faced in decades. During the so-called "stagflation" period of the 1970s, when officials faced a similar dilemma, the Fed's stop-and-go approach allowed high inflation to become entrenched. Jonathan Pingle, Chief U.S. Economist at UBS, stated: "As rates approach neutral levels, with each rate cut, you lose the support of more participants. You need data to motivate those participants to join the majority in favor of rate cuts."