Market watchers are parsing signals from Federal Reserve officials as policy paths diverge. Federal Reserve Governor Waller has publicly backed a December rate cut, arguing inflation should ease even if incoming data remains pivotal for sizing any move. Mary Daly, president of the San Francisco Fed and a 2027 FOMC voter, also supports a December adjustment, noting that labor-market deterioration is a more plausible constraint than a sudden inflation surge.

The FedWatch outlook from CME shows the odds of a 25bp December cut at about 82.7%, with a 17.3% chance of no change. Equity indices posted gains: Dow +0.44%, S&P 500 +1.5%, Nasdaq +2.69%. In crypto, Bitcoin traded near the $89,000 threshold, at $88,337.13, up 1.64% over the session.