Watch Live: Fed Chair Powell To Explain What Exactly What He Saw That Prompted A Crisis-Level Rate-Cut

Well, now Fed Chair Powell has some 'splaining to do...

While economists were heavily weighted towards a 25bps cut (just nine forecasters in Bloomberg’s survey of 113 (!) economists predicted 50), traders were almost all-in on the idea of a 50bps cut today (odds had sunk intraday from around 70%)... so what was it 'economically' that prompted the 50bps!!

Powell pissed a lot of people off (on one side or the other)...

What was it that Powell and his pals saw that prompted them to slash rates by 50bps?

Stocks at record highs and home-prices at record highs (and rising at 6.5% per year), inflation's path lower has stalled, and the latest labor market data was anything but clearly supportive of a cut (let alone a 50bps cut).

Could it be that The Fed is not as 'apolitical' as it proclaims?

There's also the demands of Senator Elizabeth Warren who urged for a 75bps cut... to help Kamala?

Cue Republicans questioning The Fed's crisis-level rate-cut just two-months out from the election?

Paging Arthur Burns...

...and of course, if this occurs, guess who will get the blame when he wins in November!

Good luck Mr.Powell (said in a James Bond villain tone) as you walk this tight-rope.

Watch Fed Chair Powell speak live (due to start at 1430ET):