Markets no longer view the December rate cut as a sure bet, with Fed officials casting doubts

Key Points

Federal Reserve Chair Jerome Powell wasn’t kidding a couple weeks ago when he said a December rate cut wasn’t in the bag.
Whereas traders as recently as a few days ago were pricing in at least a 2-to-1 probability of a quarter percentage point cut, that’s now flipped to a coin toss.
As markets grew much less confident about a December cut, stocks slumped Thursday while Treasury yields moved higher.

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