Stock Market Update

[BRIEFING.COM] The major averages now trade in a steady range off of session lows, but still firmly below their baselines just after midday. 

Richmond Fed President Thomas Barkin (nonvoting FOMC member) stated in a speech that "we are seeing pressure on both sides of our mandate, with inflation above our target and job growth down."

The CME FedWatch Tool currently prices in a 48.9% probability of a 25-basis point rate cut at the December FOMC meeting, up from 42.4% yesterday. 

Late yesterday afternoon, Fed Governor Christopher Waller (voting FOMC member) said in a speech that he supports another rate cut in December for risk management reasons. His remarks, combined with the unexpectedly high initial jobless claims for the week ended October 18 (232k; prior 219k), likely contributed to the modest uptick in expectations.