[Mitsubishi UFJ: Federal Reserve's Policy Next Year May Be Complicated by Leadership Changes] BlockBeats News, December 11, Mitsubishi UFJ stated that the Federal Reserve voted 9 to 3 to lower interest rates by 25 basis points and acknowledged that the labor market is gradually cooling. Powell also emphasized the significant downside risks facing the labor market. Regarding inflation, the Federal Reserve noted that if no new tariffs are imposed, goods inflation may peak in the first quarter of 2026, but the risks of persistent inflation remain. Powell signaled that rate hikes are not the baseline expectation, and FOMC members are divided between maintaining rates and cutting them. The latest median dot plot released shows that the Federal Reserve will only cut rates once in 2026, a stance that is noticeably more hawkish than the market's expectation of approximately 55 basis points (or slightly more than two rate cuts) of easing. Powell also stressed that the Federal Reserve is currently "in a favorable position" to patiently observe the development of the U.S. economic situation. Looking ahead, the policy outlook for the second half of next year may be complicated by changes in the Federal Reserve's leadership, increasing market uncertainty. (Jin10)