US Fed Chairman Jerome Powell has thrown cold water on market optimism, resulting in a severe and synchronized sell-off of three connected assets. It was Black Thursday for gold, bitcoin, and US stocks on 20 November 2025. Powell stepped up to the plate and delivered a curveball. Policymakers are deeply divided but are leaning toward a 'no rate cut' scenario in December.
There's no rate decision yet, although the minutes of the Federal Open Market Committee (FOMC) meeting late last month indicated that a cut next month is unlikely. The Fed's benchmark rate stands at 4% after two consecutive rate cuts in September and October.
