Powell: Don't know what data we'll get before December FOMC; strongly differing views were really about the future

POWELL: ANOTHER CUT IN DECEMBER IS FAR FROM ASSURED Fed's Powell: Strongly differing views at meeting about how to proceed. FED’S POWELL: IN DECEMBER, FED WILL ENTER THE NEXT BALANCE SHEET PHASE AND HOLD STEADY FOR A PERIOD FED’S POWELL: REINVESTMENT STRATEGY WILL ALIGN WEIGHTED AVERAGE MATURITY MORE CLOSELY WITH THE STOCK OF OUTSTANDING SECURITIES FED’S POWELL: NO DECISION MADE YET ON DECEMBER MEETING; FURTHER RATE REDUCTION IS NOT A FOREGONE CONCLUSION, WITH STRONG VIEWS AND TENSION BETWEEN POLICY GOALS ACROSS THE COMMITTEE

POWELL: DATA AVAILABLE SUGGESTS OUTLOOK FOR EMPLOYMENT, INFLATION NOT CHANGED MUCH SINCE SEPT MEETING *POWELL: LABOR MARKET APPEARS TO BE GRADUALLY COOLING *POWELL: INFLATION REMAINS SOMEWHAT ELEVATED Fed's Powell: Prior to the shutdown, data showed that growth may be on a firmer trajectory. DOWNSIDE RISKS: *POWELL: SHUTDOWN WILL TEMPORARILY WEIGH ON ECONOMIC ACTIVITY *POWELL: JOB GAINS HAVE SLOWED SIGNIFICANTLY" *POWELL: DOWNSIDE RISKS TO EMPLOYMENT APPEAR TO HAVE RISEN FED’S POWELL: AVAILABLE EVIDENCE SHOWS LAYOFFS AND HIRING REMAIN LOW, WHILE JOB AVAILABILITY AND HIRING DIFFICULTY CONTINUE TO DECLINE

Fed's Powell: Tension between two goals, and strong views across committee. *POWELL: FED HAS NOT MADE A DECISION ABOUT DECEMBER MEETING FED’S POWELL: TODAY’S RATE CUT WAS A RISK-MANAGEMENT MOVE; DECISIONS GOING FORWARD WILL BE A DIFFERENT MATTER Fed's Powell: We can't address both employment, inflation risks with our one tool. FED’S POWELL: NOTES TIGHTENING IN MONEY MARKETS OVER THE PAST THREE WEEKS; ASSESSES RESERVES AS ONLY SLIGHTLY ABOVE AMPLE AND SEES LITTLE BENEFIT IN FURTHER BALANCE SHEET REDUCTION