The Federal Reserve is expected to deliver a third consecutive interest-rate cut this week, but Chair Jerome Powell’s challenge in getting his colleagues to support that move portends the difficult tests that lay ahead for his successor.

This year’s rate cuts have each come with dissenting votes. Three policymakers are expected to do so again at the central bank’s last gathering of the year.

With just one tool to address two goals that are in conflict — inflation that’s too high even as the job market weakens — the Fed leader famous for mustering consensus even at difficult times is now finding that task nearly impossible.

“I would be more concerned if there weren’t disagreements,” said Loretta Mester, who was president of the Cleveland Fed from 2014 to 2024. “The dissents that we’re se

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