Federal Reserve Chair Jerome Powell cautioned markets on Wednesday not to assume another rate cut is guaranteed in December, saying the Fed governors had “strongly differing” views on how to proceed amid rising inflation risks and a softening labor market.

“A further reduction in the policy rate at the December meeting is not a foregone conclusion—far from it,” Powell said during his post-meeting press conference.

The Fed cut its benchmark interest rate by a quarter percentage point to a range of 3.75% to 4%, citing cooling labor conditions and still-elevated inflation.

Powell described the decision as a “step toward a more neutral policy stance,” but emphasized – as he does often – that there is “no risk-free path” forward.

While inflation has fallen sharply from its 2022 highs, Pow

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