Federal Reserve Chairman Jerome Powell stated that a rate cut in December is far from a done deal!

Powell stated that the uncertainty surrounding the December interest rate actions needs to be considered, and the rate cut in December is "far from" a done deal. Traders have lowered their bets on a Fed rate cut in December, with the current probability of a cut estimated at 71%, down from the previous 90%. Currently, the three major indices have turned from gains to losses, and spot gold has fallen below $3,950 per ounce. Full text of the speech: On October 30th (Thursday) Beijing time, Federal Reserve Chairman Powell delivered a speech, stating that existing data indicates that the outlook for the U.S. economy has not changed significantly and is expanding moderately. Data prior to the government shutdown suggested that the economy might be moving toward a more stable trajectory; the government shutdown will temporarily drag down economic activity. Powell noted that inflation levels remain slightly elevated, and recent inflation expectations have risen; there is a need to manage the risk of inflation persisting for a longer duration. It is the responsibility to ensure that it does not become a persistent issue. Powell mentioned that the labor market appears to be gradually cooling; existing evidence shows that layoffs and hiring numbers remain low; the downside risks to employment seem to have increased. Powell stated that under reasonable baseline scenarios, the impact of tariffs on inflation will be temporary. He emphasized that there is no policy path with zero risk, and the risk balance has shifted; the Fed's rate cut is "another step toward a more neutral policy stance." Powell reiterated that the uncertainty surrounding the December interest rate actions needs to be considered, and the rate cut in December is far from a done deal