The hawks on the Federal Open Market Committee see resilient growth, booming financial markets, too-high inflation, and a labor market that is more or less chugging along. • That, they argue, means cutting rates further right now would be a mistake.

Why it matters: In the last couple of months, markets have been buoyed by the prospect of a glide path toward cheaper money. A significant swath of Fed policymakers are saying "not so fast," though it is uncertain how much sway they will have at decision time in December and beyond.

Driving the news: Kansas City Fed president Jeff Schmid is out with an essay this morning explaining why he dissented from Wednesday's interest rate cut. • Separately, Dallas Fed president Lorie Logan said in a speech this morning that she "would have preferre

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