Makes about 30 crackers
In a medium bowl, whisk together flour, salt, and cayenne. In the bowl of a standing mixer, combine butter, cheddar cheese, Dijon mustard, and food coloring and mix until smooth. Add flour mixture and beat on low until dough comes together. Divide dough in half and flatten each piece into a disc. Wrap discs in plastic wrap and refrigerate for at least 1 hour and up to overnight. (Dough can also be frozen, up to 1 month.)
Preheat oven to 425 degrees. Line 2 baking sheets with parchment paper.
On a lightly floured surface, working with one piece of dough at a time, roll out dough to 1/4- inch thickness. Using a pumpkin-shaped cookie cutter, cut out crackers and place on baking sheet. Reroll scraps; if dough becomes too warm to handle, wrap in plastic wrap and place in refrigerator until firm, about 20 minutes.
Decorate crackers with spices or herbs, as desired, and bake until golden brown, 8 to 10 minutes. Transfer to a rack to cool. Using a spatula, transfer crackers to a platter and serve.
Cook's Note: The crackers will keep in a sealed container, up to 1 week.