Watch Live: Fed Chair Powell’s Press Conference

Amid an absence of data to sway their minds one way (or another), it was hardly a surprise that Fed Chair Powell and his pals proceeded down the dovish/easing path once again today, following the market (and President Trump’s) lead.

So what will Powell say?

As a reminder, in its preview, Goldman wrote that while the bank does not expect any formal guidance about the December meeting, if Chair Powell is asked, he will likely be comfortable referencing the September dots, which imply a third cut in December; although will likely make reference to the fact they are flying somewhat blind in the absence of macro data… It’s hard to be data-dependent when there’s no data.

There will also be questions about the end of QT, while Powell will likely address by referencing the recent jump in SOFR rates indicated money market liquidity is turning “scarce” although Powell will hardly use that word. If he does: watch out.

One question that has emerged is whether Schmid’s hawkish dissent will embolden Powell to be more hawkish than the market expects and rugpull the market’s December rate cut expectations. 

Watch the live press conference here (due to start at 1430ET):