Changes Are Coming Soon at the Fed

Overall, as you look around the world, the U.S. is the only major economy that is actually growing.

Kevin Hassett, director of the White House National Economic Council, walks toward the West Wing at the White House on June 30, 2025. Hassett said Beijing continues to fall short of its commitments on rare-earth shipments, despite recent increases. Andrew Caballero-Reynolds/AFP via Getty Images

Commentary

The stock market reverted to its seasonal pattern by closing November up, with the major indexes rising between 3% and 5% last week. This big bounce was fueled by the rising odds for a December 10th key interest rate cut, especially after Fed Governors Mary Daly, Stephen Miran, Christopher Waller, and John Williams all spoke out in favor of a December rate cut due to labor market weakness. Some other Fed officials remain more cautious, such as Boston’s Susan Collins and Chicago’s Austan Goolsbee, but the New York Fed President John Williams has major influence with the Board to cut rates on December 10th.