The Federal Reserve board members all follow their own dot plot trends from June.

The June dot plot still shows that there will be two rate cuts in the second half of 2025, while there are only four opportunities in the second half, which are July, September, October, and December. Since there was no rate cut in July, there are three opportunities left.

The two rate cuts indicated in the dot plot suggest that the majority of the voting committee are moderate centrists, aiming to balance the economy, the labor market, and inflation. However, those truly prepared to shift towards rate cuts in September are limited to Waller and Bowman, with only one other being Williams. Daly, while hoping for three rate cuts in 2025, is also accepting of not cutting rates in September.

Overall, the Federal Reserve board members seem to prefer maintaining the outcome of two rate cuts, so September, October, and December, two cuts over three months, is acceptable to them. Therefore, many board members are starting to adopt a more dovish tone, likely in preparation for what is to come.