Federal Reserve Chair Jerome Powell cautioned investors against assuming the US central bank would follow its second straight interest-rate cut with another in December.

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

The remarks seemed aimed at reining in expectations in financial markets, where the probability of another quarter-point cut in December was firmly above 90% before he spoke.

Treasuries yields and the dollar jumped, while stocks turned negative after Powell’s comments. Interest-rate swaps showed traders see about a 60% probability for a quarter-point cut in December. Prior to the meeting, a move in December was almost fully priced in.

“It c

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