Adriana Kugler announced her resignation from the Federal Reserve Board on August 8. During her tenure, the phrase she often repeated was 'inflation priority, keep interest rates unchanged', and she was viewed by the market as a moderate hawk.

📉 The FOMC currently has two 'immediate rate cut' opposing votes from Bowman and Waller (9:2 maintaining stability, 17% dissent). The vacant position will be nominated by Trump — most likely a new dove advocating for easing 🕊️.

🔄 If this newcomer is confirmed, the rate-cutting faction will increase to 3 out of 12 (25%). Minority opinions have escalated from 'noise' to 'chorus': there will definitely be a section in the post-meeting statement stating 'rate cuts should happen immediately', and the dot plot will have one more star at the bottom, with market duration trading and the dollar index likely to price in early easing. $BTC $ETH