🟠 Fed officials signal caution – market expectations for rate cuts in December continue to fall.

📌 Mary Daly – President of the San Francisco Fed:
- "It's still too early to assert that interest rates will be cut in December."
- Inflation ( excluding tariff impacts ) is falling but at a slow pace.
- Service inflation has not fallen to a stable level.
- The labor market is slowing down.
- The Fed needs to change its approach to the balance sheet.

📌 Loretta Mester/Hammack – Fed Cleveland:
- "Inflation is still high."
- Concerns about the weakening of the labor market.
- Not enough evidence has been seen to confirm that price pressure has cooled as expected.

📌 Neel Kashkari – Fed Minneapolis:
- "Inflation is still around 3%, which is still too high."
- The economy is showing many mixed signals.
- The labor market continues to face pressure and is weakening.

The most awaited market event for the rest of 2025, "Fed continues to cut rates," seems to be increasingly bumpy. U.S. stocks are also in the red as money flows out of tech.