๐…๐ž๐โ€™๐ฌ ๐ƒ๐š๐ฅ๐ฒ ๐’๐ข๐ ๐ง๐š๐ฅ๐ฌ ๐Œ๐จ๐ซ๐ž ๐‚๐ฎ๐ญ๐ฌ โ€” ๐‘๐ข๐ฌ๐ค ๐Œ๐š๐ง๐š๐ ๐ž๐ฆ๐ž๐ง๐ญ ๐‡๐จ๐จ๐๐ฅ๐ข๐ง๐  ๐š ๐‚๐จ๐จ๐ฅ๐ข๐ง๐  ๐‹๐š๐›๐จ๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Ÿ’ธ๐Ÿ“‰

๐Ÿ”ถ ๐–๐ก๐š๐ญ ๐ก๐š๐ฉ๐ฉ๐ž๐ง๐ž๐: SF Fed President ๐Œ๐š๐ซ๐ฒ ๐ƒ๐š๐ฅ๐ฒ defended Septemberโ€™s ๐Ÿ๐Ÿ“ ๐›๐ฉ๐ฌ cut and called the labor market softening โ€œ๐ท๐ข๐š๐ง๐š๐ง๐ ๐ž๐ซ๐ฌ๐จ๐ฆ๐ž.โ€ She flagged that ๐ฆ๐จ๐ซ๐ž ๐œ๐ฎ๐ญ๐ฌ ๐š๐ซ๐ž ๐ฉ๐จ๐ฌ๐ฌ๐ข๐›๐ฅ๐ž as policy stays modestly restrictive.

๐Ÿ”ถ ๐‚๐จ๐ง๐ญ๐ž๐ฑ๐ญ: September ๐…๐Ž๐Œ๐‚ ๐ฆ๐ข๐ง๐ฎ๐ญ๐ž๐ฌ show many participants expected a 25 bps cut, and ~half anticipated ๐š๐ง๐จ๐ญ๐ก๐ž๐ซ ๐œ๐ฎ๐ญ ๐ข๐ง ๐Ž๐œ๐ญ๐จ๐›๐ž๐ซ, given downside risks to jobs.