CME Federal Reserve Watch: The probability of the Federal Reserve cutting interest rates by 50 basis points this week is higher than 25 basis points

Powell: I don't think anyone currently expects a rate hike as the baseline; the debate is whether to keep rates unchanged or to cut them.

Powell says rate hikes are not anyone's baseline expectation, suggesting interest rates may remain unchanged in the short term.

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The Federal Reserve cuts interest rates by 25 basis points as expected; the dot plot shows only one rate cut next year, with future decisions likely to depend on labor market data.