In January 2026, the annual regional Federal Reserve FOMC voting rotation will take place.

The voting rights of 4 regional Federal Reserve presidents will change, and the new voting structure will directly impact the voting tendencies in each upcoming monetary policy meeting.

The January rotation is as follows (officially exercising voting rights from the January 27–28 monetary policy meeting):

Boston Federal Reserve | Susan Collins → Philadelphia Federal Reserve | Anna Paulsen

Chicago Federal Reserve | Austan Goolsbee → Cleveland Federal Reserve | Beth Hammack

St. Louis Federal Reserve | Alberto Musalem → Dallas Federal Reserve | Lorie Logan

Kansas City Federal Reserve | Jeff Schmieding → Minneapolis Federal Reserve | Neel Kashkari

From an interest rate perspective, the changes in the hawk-dove structure due to the rotation are as follows:

Collins (cautious hawk) → Paulsen (neutral dove)

Goolsbee (data-driven dove) → Hammack (inflation-cautious hawk)

Musalem (cautious hawk) → Logan (cautious hawk)

Schmieding (inflation-cautious hawk) → Kashkari (neutral hawk, significantly more cautious recently)

The overall result is:

The voting structure shifts from "three hawks and one dove" to "one dove and three hawks," but the essential pattern remains unchanged.

In other words, the regional Federal Reserve rotation itself will not have a decisive impact on the subsequent interest rate path.

The real core of the game still focuses on— the new Federal Reserve chair + 7 board members.

Additionally, it is important to note that Hammack's recent statements have already released a signal of "caution continues in spring."

In the current inflation and policy environment, the market remains overly optimistic about the pricing of interest rate cuts in Q1 2026, but from the perspective of the internal structure of the Federal Reserve, the landing probability is not high.