Good morning, CFOs. Three Fed officials dissent over its latest rate decision; Jeff Bezos and Elon Musk work to bring data centers to space; a regulator finds big banks “debanked” politically sensitive industries.

Finance chiefs are getting another interest-rate cut, but it may be the last one for a while.

Federal Reserve officials cut interest rates at their third consecutive meeting but signaled little appetite for more amid unusual internal divisions over whether inflation or the job market should be their bigger worry.

The Fed voted 9-3 for the reduction on Wednesday, the first time in six years that three officials cast dissents.

Why was the decision so divisive?: Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeff Schmid thought the reduction wasn’t warranted, while Fed governor Stephen Miran favored a larger, half-point cut. The decision to reduce the benchmark federal-funds rate by a quarter point—to between 3.5% and 3.75%, a three-year low—is aimed at protecting against a sharper-than-anticipated slowdown in hiring.

The projections also showed a majority of officials penciled in at least one reduction next year. That was the same as in September and suggests officials see little reason to accelerate the pace of easing.

When does Fed leadership change?: Jerome Powell’s term as chair expires in May, meaning he will preside over just three more rate-setting meetings. President Trump has said he is close to naming a successor—raising questions about whether whoever follows will be able to command the same deference.

• Fed’s Fractured Vote Signals Trouble Ahead for Future Rate Cuts

📆 Earnings

• Broadcom
• Ciena
• Costco Wholesale
• Lululemon Athletica

A top banking regulator Wednesday said it had found early evidence that nine of the biggest U.S. banks, including JPMorgan Chase and Bank of America, had improperly refused to do business with a range of politically hot-button industries from oil and gas to firearms manufacturers.

The Office of the Comptroller of the Currency report stems from an investigation seeking to substantiate claims by President Trump that the largest banks in the country engaged in what the administration has termed “politicized or unlawful debanking activities.”

📰 Other headlines

• Exclusive: Bezos and Musk Race to Bring Data Centers to Space
• Investors Bet That a Higher Bid for Warner Is Coming
• Coca-Cola Names Next CEO
• Trump’s Economic Promises Test Patience in the Poconos
• U.S. Investors Are Going Big on China AI Despite Concerns in Congress
• U.S. Seizes Oil Tanker Off Venezuela in Escalation of Pressure on Maduro Regime

📈 Earnings wrapup

• Adobe Expects Double-Digit Recurring Revenue Growth Next Year
• Vail Resorts Quarterly Loss Widens as Ski-Pass Sales Volume Falls
• Chewy Profit, Revenue Up as Vet Care, Paid Memberships Gain Steam

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Workiva, the Ames, Iowa-based financial-reporting software maker, hired Barbara Larson as executive vice president and CFO, effective Jan. 20. Larson most recently served as finance chief at cybersecurity company SentinelOne, which last week announced her planned departure. Workiva in July announced that Jill Klindt, who had been finance chief since 2021, was leaving the company this month. Julie Iskow, Workiva's president and chief executive, will serve as interim chief financial officer until Larson assumes her post.

—Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

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