The Federal Reserve is set to undergo a regional president rotation, with both the incoming and outgoing leadership displaying a hawkish stance.

Next year on November 17th, the Federal Reserve will witness the annual rotation of four Regional Fed Presidents. Among the 12 Regional Fed Presidents, five hold voting rights each year. Four of them rotate annually, while the New York Fed has permanent voting rights. In 2026, the Presidents of the Cleveland, Dallas, Philadelphia, and Minneapolis Feds will become voting members, while those of the Kansas City, Chicago, Boston, and St. Louis Feds will rotate out. Currently, all four voting Regional Fed Presidents adopt a hawkish stance. This week, Boston Fed President Collins stated that although she supported the rate cut at the previous meeting, the threshold for further cuts is "relatively high," and maintaining rates at the current level for "a certain period" may be appropriate. St. Louis Fed President Moolenaar expressed support for the rate cut at the previous meeting but emphasized that any further actions "need to be carried out with caution as there is limited room for further easing without overly loosening monetary policy." Kansas City Fed President Schmidt reiterated last Friday that inflation is "still too high." Although tariffs may push up prices, he voted against the rate cut at the September meeting. Chicago Fed President Gulbis previously stated that the bar for another rate cut has been raised and openly expressed concerns about inflation persisting above the 2% target for nearly five years and deviating from the track. The upcoming Regional Fed Presidents who will obtain voting rights next year also exhibit a hawkish tendency. Although the addition of the Philadelphia Fed President may moderate the committee's stance, Minneapolis Fed President Kashkari remains cautious about further rate cuts, emphasizing the economy's inherent resilience. Cleveland Fed President Hammack and Dallas Fed President Logan have both clearly stated a greater emphasis on inflation issues and hold a cautious stance on rate cuts.