Stocks gave up gains and turned red after Federal Reserve Chairman Jerome Powell poured cold water on the idea that investors should expect another interest rate cut in December.

Powell made the comments at a press conference after Fed officials voted on Wednesday to cut interest rates by a quarter of a percentage point. Powell’s remarks about future monetary policy overshadowed the decision.

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“A further reduction in the policy rate at the December meeting is not a foregone conclusion,” Powell said.

The chairman said there was no consensus among the 19 people who particip

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