Powell’s remarks ‘sealed case’ for no move in November, says JPMorgan

JPMorgan argues that Fed Chair Jerome Powell’s remarks today “sealed the case for no move at the November meeting,” while kept open the option for hiking rates at subsequent meetings. Powell said “additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing” could “warrant further tightening of monetary policy,” but given that there will be little important “additional evidence” between now and the November 1 meeting, it “looks like rates will be unchanged after the upcoming meeting,” JPMorgan tells investors.