DATA DEPRIVED
10/29/2025 |
To the surprise of nobody, the Fed cut rates by 25bps. The surprise was it was hawkish cut. The phrases “not a forgone conclusion” and “in fact far from it” are key. Moreover, there was one dissent in favor of no cut. With recent inflation data being problematic but no employment data available, a December rate cut is now more precarious and will likely require a weak November employment report.