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Jerome Powell, the chairman of the Federal Reserve, who is ambiguous on further interest rate cuts, is facing new pressure on third consecutive interest rates to tackle weak data, volatile markets and sustained attacks by President Donald Trump.
Following the downturn in manufacturing and employment data released this week, the market expects a 25-basis point cut in interest rates at the 29-30 October meeting to be 75%, up from 40% on Monday. U.S. stocks fell to their lowest level since August as fears of a recession mounted.
"Recent data have significantly increased the likelihood of interest rate cuts in October, and market pricing is in that direction," said Joseph Song, senior American economist at Bank of America (27.84, - 0.60, - 2.11%). "If the data continues to be weak, it may involve moderates and hawks, providing some cushion for the economy."
Powell told reporters after the September 18th meeting of the central bank that the Federal Open Market Committee (FOMC) will decide on interest rates by "successive meetings" and whether further interest rate cuts will depend on future economic reports. At that time, only seven of the 17 policymakers expected further interest rate cuts this year. The rate reduction is described as an insurance to prevent a 10 year long economic expansion from falling into recession.

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