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Powell warns not to count on a December rate cut just yet—the Fed is extremely divided, and a further cut is ‘not a foregone conclusion. Far from it’
The Fed will stop shrinking its $7 trillion balance sheet in December, but Powell stressed it’s a pause in quantitative tightening, rather than a new phase of easing.
Summary
Federal Reserve Chair Jerome Powell cautioned markets on Wednesday not to assume another rate cut is guaranteed in December, saying the Fed governors had “strongly differing” views on how to proceed amid rising inflation risks and a softening labor market. “A further reduction in the policy rate at the December meeting is not a foregone conclusion—far from it,” Powell said during his post-meeting press conference.
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