Hiring has slowed sharply, while inflation remains stubbornly high. Either way, there should be enough votes to approve a quarter-point cut, but there could be an unusual amount of division. If either votes against a cut, it would be the first time there were dissents in both directions from a Fed decision since 2019. At the same time, inflation picked up a bit last month and remains above the Fed’s 2% target. With inflation still elevated, the Fed may have to proceed slowly with any further cuts, which would likely further frustrate the Trump White House.