The Globe and Mail reports in its Wednesday edition that this week's Federal Reserve policy meeting may serve as a crucial test for financial markets on the future of U.S. monetary policy debates leading into 2026. A Reuters dispatch to The Globe reports that markets expect a likely interest-rate cut from the Fed's Federal Open Market Committee, despite unprecedented division within the group. Investors have faced stress leading up to the meeting due to a 43-day U.S. government shutdown, mixed messages from Fed officials and President Donald Trump's push for lower rates. Expectations for a Fed rate cut to the 3.5- to 3.75-per-cent range have risen to 87 per cent from 30 per cent in the last three weeks, driven by support from New York Fed president John Williams. Investment banks Morgan Stanley, JPMorgan and BofA reacted by changing their calls to a cut at the Dec. 9-10 meeting. Yet, analysts expect as many as five of the 12 voting members of the FOMC will have divergent views, reinforcing the refrain in markets that the Fed is turning more political. The policy committee has not had three or more dissents since 2019, occurring only nine times since 1990. Analysts expect this trend of dissent to continue.