The market is down to pricing in just a 30% chance of a December Fed cut and the Dec/Jan combined odds are 86%.

Generally, I’m inclined to ignore the FOMC Minutes and focus on data but since we’ve got no data to work with, this one could be instructive. Powell also highlighted some deep divisions on policy and the outlook, which is why he said December wasn’t a foregone conclusion “far from it”.

The minutes are due out at the top of the hour at 2 pm ET.