Powell Cools Hopes For December Rate Cut: 'Far From A Foregone Conclusion'

Benzinga

Fed Chair Jerome Powell said another rate cut in December is “far from a foregone conclusion,” highlighting division within the FOMC after two consecutive reductions. Limited economic data from the government shutdown and mixed inflation and labor trends weighed on markets, with the S&P 500 slipping 0.2%.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02Fed Chair Jerome Powell dampened expectations for another interest rate cut in December,

00:06according to Benzinga.

00:07All of a sudden, the Federal Open Market Committee remains divided on how to proceed

00:10following its second consecutive 25 basis point reduction to 3.75% to 4.00%.

00:16Fed Chair emphasized that another cut is far from a foregone conclusion

00:20amid limited data from the ongoing government shutdown

00:22and mixed signals on inflation and labor markets.

00:25Stocks turned lower after his remarks, with the S&P 500 down 0.2%,

00:29and real estate and financials leading declines.

00:32For all things money, visit Benzinga.com.

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