The FOMC elects to cut interest rates in December to 3.5% -3.75%, but Powell siignals that policy may now by neutral, making a January cut less probable.

Only in June does a plurality—41.9%—emerge on CME FedWatch for a further cut to 3.25%.

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

Divisive vote to lower rates highlights uncertainty within the Fed as economy absorbs major shakeups, including tariffs

The FOMC elects to cut interest rates in December to 3.5% -3.75%, but Powell siignals that policy may now by neutral, making a January cut less probable.