New York Fed chief raises expectations of a rate cut

After weeks in which the Federal Reserve's policymakers have seemed more divided over interest rate policy than they've been in years, Friday brought the clearest hint yet that a rate cut is on the way 19 days from now.

Why it matters: New York Fed president John Williams' words in a speech Friday only make sense if the central bank's inner circle of leadership has decided that they think another interest rate cut is justified at the December 9-10 meeting, and are confident they'll have the votes to make it happen.

Driving the news: "I still see room for further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral," Williams said at the Central Bank of Chile Centennial Conference. • That was enough to sen