Fed Chair Jerome Powell will have to steer his way through a suddenly very contentious atmosphere among policymakers that will make whichever direction the Fed chooses divisive. While Wall Street economists were split over whether the FOMC will in fact approve another reduction at the Dec.

Fed Chair Jerome Powell acknowledged Wednesday that the soaring stock market is helping support consumer spending — and the overall economy — right now.

The Fed leader discussed the reasoning behind the central bank’s decision to cut rates at its second straight meeting as well as the move to stop shrinking its multitrillion-dollar asset portfolio.

Jay Powell declared the central bank was “driving in the fog” as the Federal Reserve cut interest rates in the middle of a government shutdown that has deprived the institution of some economic data. The quarter-point cut, which brings the US benchmark rate down to 3.75 per cent, was broadly expected. It now sits at the lowest level since 2022.

Federal Reserve Chairman Jerome Powell plans to serve out his term, which ends in May of 2026, but that isn't stopping Treasury Secretary Bessent from moving ahead with finding his replacement.

Follow along with live updates from October's Federal Reserve meeting. Get real-time analysis of Jerome Powell’s comments, market reaction, and what the Fed’s move means for inflation, jobs, and your money.

Fed’s Powell says December rate cut isn’t a given, Trump cuts China tariffs, Microsoft, Alphabet beat expectations, and more news to start your day.