Scott Horsley

Because of that six-week shutdown, we don't know what the unemployment rate was in October, and we don't know what the inflation rate was that month, because the federal workers who were furloughed were unable to gather that data.

What's more, the numbers for November, which the Fed would ordinarily have in its hands at this meeting, won't come out until next week.

So policymakers are at a bit of a handicap here as they try to steer the economy through thicker-than-usual fog.

You know, the Fed likes to operate by consensus.

It's not uncommon to have some disagreement, but it is unusual to have a lot, and in particular to have disagreement in both directions.

At the last Fed meeting, we had two dissents, one from a committee member who thought the Fed was cutting rates too aggressively, and another who thought the Fed wasn't moving fast enough.

It's been six years since there were three dissents on a Fed vote, and it's been 33 years since there were four dissents.

It's possible we could see that many today.

President Trump is certainly calling for more, but we'll see.

Fed officials will update their forecast today of where they think interest rates are likely to go next year.

Back in September, the average Fed policymaker was projecting only one quarter point rate cut in 2026.

We'll see if that outlook has changed at all.

Right now, investors think there is a better than even chance that we could see more rate cuts next year.

You're welcome.

Investors are fairly confident the central bank will lower its benchmark interest rate by a quarter percentage point tomorrow.

They'll also be watching what Fed Chairman Jerome Powell and his colleagues have to say about prospects for additional rate cuts in the new year.

There's considerable uncertainty as the central bank's trying to keep a lid on both inflation and unemployment.

Pepsi is planning to cut jobs and narrow its product lineup by 20 percent as it works to cut costs and lower prices.

The soft drink and snack maker has been under pressure from an activist investor.

Scott Horsley, NPR News, Washington.