What's priced in for the Federal Reserve now
The market is looking at a cut
Powell frequently emphasized that the Fed is neutral, patient and has no bias but the market has sniffed out a cut. The Fed funds futures curve is pricing in a 47.1% chance of a cut in January 2020.
Here is how it looked a day ago:
That's a pretty big move.
I though Powell would be more optimistic on the domestic economy. It wasn't that big of a surprise that he was dovish and worried about China and Europe but the caution domestically was more dovish than anticipated.