Before Wednesday, economists and markets were betting on a December rate cut. After Fed Chair Jerome Powell’s comments, they aren’t so sure.

The central bank is widely expected to approve another quarter percentage point, or 25 basis point, cut to its overnight lending rate at Wednesday's meeting.

Wednesday's decision brings the Fed's key rate down to about 3.9%, from about 4.1%.

The Fed will stop shrinking its $7 trillion balance sheet in December, but Powell stressed it’s a pause in quantitative tightening, rather than a new phase of easing.

Before Wednesday, economists and markets were betting on a December rate cut. After Fed Chair Jerome Powell’s comments, they aren’t so sure.