By Vidya Ranganathan

LONDON, Dec 9 (Reuters) – What is expected to be one of the most ructious Federal Reserve policy meetings in years this week could well prove to be the road test for financial markets on how U.S. monetary policy debates will shape up in 2026.

Heading into the two-day meeting that began on Tuesday, markets are pricing in an almost certain chance of an interest rate cut by the U.S. central bank’s policy-setting Federal Open Market Committee, even ‍though the group is the most divided it has been in years.

The weeks leading up to the meeting have been stressful for investors, with little data to parse during a record 43-day U.S. government shutdown, conflicting messages from Fed officials and the unrelenting push from President Donald Trump’s administration for lower r

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