Analysis: The Fed may deliver a three-step message, but the extent and pace of rate cuts remain controversial.

The Fed will deliver a three-part message to investors: To what extent have officials recalibrated their outlook to reflect the weak job market? How divided is the Fed? And does the arrival of Governor Milan bring a partisan bias to the Fed? However, the magnitude and pace of rate cuts remain contentious, and analysts say this week's meeting could see an unusual amount of dissent, with inflation concerns likely to favor no rate cuts, while Milan and two other Trump appointees, who have argued since the summer that inflation risks have eased and the job market is weakening, may favor a larger 50 basis point cut. (Jinshi)