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.

Federal Reserve Chair Jerome Powell indicated on Thursday that the central bank might not cut interest rates again in 2025.

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