Futures dither after Wall St rout; Fed rate verdict in focus

Traders work on the floor of the NYSE in New York

Traders almost unanimously expect the Fed to keep rates unchanged at 5.25% to 5.5% at its meeting on Wednesday, while the odds for another pause in November is at 69%, according to the CME FedWatch Tool. "Instead, the Fed can look to a strategy of maintaining current policy rates for a long time as the best way to administer restrictive monetary policy to the economy."

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Fed unlikely to raise rates in November, says Goldman Sachs'On November, we think that further labor market rebalancing, better news on inflation, and the likely upcoming Q4 growth pothole will convince more participants that the FOMC (Federal Open Market Committee) can forgo a final hike this year, as we think it ultimately will,' the investment bank's strategists wrote in a report. Goldman’s strategists, however, wrote that they expect the Fed's 'dot plot,' which reflects policymakers' interest rate projections and will be updated on Wednesday, to show 'a narrow 10-9 majority still penciling in one more hike, if only to preserve flexibility for now,' they wrote.
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