The Fed is expected to cut interest rates by 25 basis points today — a third consecutive cut in 2025 — bringing the target range to 3.50%–3.75%. FXStreet+2The Economic Times+2

But Powell will emphasise that future rate cuts are not guaranteed. With economic data still murky (delays from a government shutdown) and the committee deeply split, the path forward will be “data-dependent.” The Economic Times+2FXStreet+2

Key themes: uneven inflation, slower wage growth, labour-market cooling, and lingering financial-stability concerns. Powell might frame the Fed’s current stance as “in a good place” — signalling caution about aggressive easing ahead