Powell "No rush to cut interest rates"...Lower expectations for additional big cuts.

Jerome Powell, chairman of the U.S. Federal Reserve, lowered expectations for a big cut by 0.5%p, saying that the U.S. economy is solid and further rate cuts are on track.

Powell said in a speech to the National Real Economic Association that further rate cuts are being prepared following the big-cut rate cut in September, suggesting that size and speed will be determined by watching the economic situation.

During the subsequent talks, Powell explained that the mood within the Fed does not seem to be in a hurry to cut interest rates, meaning that if the economy flows to the observation deck, there will be an additional 0.5%p cut at the next two meetings.The market interpreted Powell's remark that

was 'not in a hurry' as suggesting a phased rate cut and drastically lowered expectations for further big cuts.

The Chicago Mercantile Exchange's FedWatch, which predicts the Fed's interest rate policy, lowered the Fed's probability of making a big cut at its November meeting from 53% to 35%.