The Fed just reminded everyone that the path to lower rates won't be a straight line. In late October, policymakers delivered a second cut this year. The benchmark rate was trimmed by 0.25 points to about 3.9%. They aimed to support growth and hiring even though inflation remains above the 2% goal.
Shortly after, two Fed officials publicly pushed back against another December reduction. They argue that future moves will depend heavily on incoming data rather than any preset easing script. Markets took the hint quickly as the dollar has bounced, and gold has slumped.
