Fed mouthpiece: FOMC doesn't quite agree with market pricing in a December rate cut.

Nick Timiraos, often referred to as the "Federal Reserve mouthpiece," commented on Fed Chairman Powell's remarks, saying, "Powell's press conference indicates that the FOMC, as a whole, does not agree with the market's high pricing in a December rate cut." Powell stated, "We have very different views on how to act in December." He emphasized that a December rate cut "should not be seen as a done deal. In fact, it is far from it." This goes beyond their usual disclaimer that "policy does not follow a predetermined path," and is clearly an effort to regain some policy flexibility to avoid being forced to take a specific action. What if there is no government data to help clarify the economic situation? Powell pointed out that this means there is a "very high level of uncertainty, which could be a reason for cautious action." (Jinshi)