NEW YORK: Two Federal Reserves may express their dissent next week if the Federal Reserve decides to lower key US interest rates for the first time in a decade, which traders are betting it will do, Barclays US economists said on Thursday.

Kansas City Fed President Esther George and Boston Fed chief Eric Rosengren have signaled they do not support insurance rate-cuts in the wake of a recent spate of stronger-than-forecast data on employment and inflation in June. They are also concerned that rate cuts when the economy is still expanding may increase risks to financial stability.

"Both appear to favor a 'wait-and-see' approach in evaluating risks to the outlook," the Barclays economists wrote in a research note.