NY Fed Pres. Williams is on the newswires saying:

• The natural rate of interest is hard to pin down

The Fed cut rates by 25 basis points for the 2nd 25 basis point cut in in 2025 at their meeting last week, but the Fed Chair and most commentary has endorsed a wait and see before making a decision on a December cut. Today the Challenger job cuts showed a job weakness.

The ISM data was not all that bad earlier in the week.

US stocks remain under pressure with the NASDAQ index down -1.65% and the Dow industrial average and the S&P index now down around 1%. The US yields are also sharply lower with the 10 year now down -7.2 basis points at 4.085%.

The USDJPY is reacting to the lower yields. The pair is down -0.65% and is the biggest mover versus the greenback .

Looking at the hourly chart, the price has moved back below the swing highs from October between 153.15 and 153.29. The price has reached a low of 153.05.