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ChainCatcher News, next year the Federal Reserve will see the annual rotation of four regional Fed presidents. Among the 12 regional Fed presidents, five have voting rights each year—four of which 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 the presidents of the Kansas City, Chicago, Boston, and St. Louis Feds will rotate out. Currently, all four regional Fed presidents with voting rights lean toward a hawkish stance. Boston Fed President Collins stated this week that although she supported the rate cut at the last meeting, the threshold for further rate cuts is "relatively high," and maintaining rates at the current level for "some time" may be appropriate. St. Louis Fed President Musalem expressed support for the last meeting's rate cut last week, but emphasized that "caution is needed going forward, as there is limited room for further easing without making monetary policy excessively loose." Kansas City Fed President Schmid reiterated last Friday that inflation is "still too high," and although tariffs may push up prices, he voted against the rate cut at the September meeting. Chicago Fed President Goolsbee previously stated that the threshold for another rate cut has increased, and frankly admitted concerns that inflation has remained above the 2% target for nearly five years and is deviating from the intended path. The regional Fed presidents who will gain voting rights next year also show 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. Meanwhile, Cleveland Fed President Harker and Dallas Fed President Logan have both clearly stated that they are more focused on inflation issues and are cautious about rate cuts.