The latest Federal Reserve meeting minutes reveal an interesting phenomenon: the path to rate cuts may not be as smooth as previously thought.

At this month's meeting, many officials expressed reservations about continuing to ease policy in the near term, which directly impacts the possibility of further rate cuts at the next meeting in January. In other words, the difficulty of maintaining rate cuts is increasing.

Where is the problem? The duration of the inflation surge has exceeded the Fed's expectations, making decision-making more cautious. Just look at the recent economic data—consumer spending remains strong, supporting economic growth, despite a slight uptick in the unemployment rate. This scenario of wanting both growth and inflation control indeed puts the Federal Reserve in a bit of a dilemma.

The key factor is the upcoming new economic data to be released next month. These data could reshape the judgments of Fed officials and directly influence the decision at the January rate meeting. For investors, these developments are worth close attention.