Jerome Powell warns another Fed rate cut not assured
The Federal Reserve’s rate cut has sparked turbulence across stock and crypto markets after Chair Jerome Powell warned that further monetary easing this year may not materialize.
On October 29, the Fed announced a widely expected 0.25% interest rate cut, bringing the benchmark rate down to a 3.75%–4% range. While the move was already priced in by investors, Powell’s remarks during the press conference caught markets off guard.
He emphasized that another cut in December is “far from guaranteed,” citing ongoing concerns about inflation, labor market stability, and internal disagreements within the Fed over future policy direction.
“During the committee’s discussions, there were very different views on possible actions in December… Another rate cut is not a foregone conclusion — far from it,” Powell said during the post-meeting briefing.
Sharp market reversal
Powell’s comments triggered an immediate sell-off across major indexes that had earlier been trading near session highs.
The Dow Jones Industrial Average dropped 0.16%, the S&P 500 erased its earlier gains to close flat, and only the NASDAQ remained in positive territory, rising 0.55%.
The turbulence extended beyond traditional finance. The cryptocurrency market, which increasingly mirrors tech stock trends, saw even sharper declines. Total market capitalization fell 2.5% in 24 hours to $3.77 trillion.
Bitcoin (BTC) briefly dipped below $110,000, later rebounding to around $111,100, down 1.9% on the day. Ethereum (ETH) traded below $3,900 before recovering slightly to $3,940, showing a 1.4% daily loss.
As we wrote, S&P 500 extends record run to third day as Fed decision and tech earnings take center stage
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