JPMorgan Chase: Powell didn't play games for an October rate cut

Michael Feroli, chief U.S. economist at JPMorgan Chase, said Federal Reserve Chairman Powell's latest speech "cemented expectations for further rate cuts, starting with the next meeting on October 28-29." Feroli noted that the market was already quite certain that the Fed was leaning towards easing policy, but Powell's wording left little room for ambiguity. "While there was little doubt that the Fed would cut rates at its next meeting, today's speech was a strong confirmation of that expectation," he said. Powell's speech further reinforced investors' belief that the Fed was preparing to cut interest rates again after a series of weaker inflation and labor market data, solidifying market bets on a rate cut at the end of October.