Powell just released the statement. It seems to be a dovish one. He will start his speech at 2:30pm, where the market will try to understand the possibility of a 4th rate cut in December.
The CBOE Fed tool has the 4th cut in December at 26%.
We should see the yield curve steepen.
- GDP report was positive/neutral.
- ADP employment change headlines were good, but analyst are not happy reading into the details.