“A 25bps rate cut was widely anticipated, with markets pricing in a 96.8% probability of such a move (according to FedWatch),” said Min Jung, research analyst at Presto Research, in a note to CoinDesk. “However, interest rate markets have signaled uncertainty, as evidenced by the benchmark 10-year Treasury yield rising to 4.48%, its highest level in four months.” “This increase reflects expectations that a Trump victory in the election could lead to higher deficits and inflation. “Therefore, attention will be focused on Powell's press conference for insights, especially as November did not include a Summary of Economic Projections (SEP) update,” Min added.