by Nouriel Roubini, Brunello Rosa and Nato Balavadze

In this paper, we discuss:

  • The Fed’s widely expected 25 bps cut;
  • A divided FOMC, with several dissents likely;
  • Labour-market cooling and steady inflation, which justify easing while keeping uncertainty elevated;
  • Market expectations for cautious forward guidance from Powell

Download PDF: Fed Preview December 2025

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