Agencies: Powell offers little new guidance on rate cuts

Jackson Garton, co-chief investment officer at Makena Capital Management, said Powell was silent about providing new forward guidance during his press conference, and he did not make any comment about changing the summary of economic expectations. Short-term Treasury yields were little changed at the time of Powell's speech. Garton still thinks the Fed may choose to cut rates in December, but is unsure. "I think there is more than a 50 percent chance of a further 25 basis point cut at the next meeting, but I'm not 100 percent sure," he said.