In recent speeches, two high-ranking officials from America’s Federal Reserve Bank gave conflicting indications regarding the likelihood of rate cuts next month. Both officials were deliberately ambiguous in their speeches, though one went so far as to rule out a rate cut while the other hinted at its inevitability. Nonetheless, analysts used the speeches to buttress their conclusion that a rate cut is probable. In fact, the futures market has priced in a 94% chance that rates will be cut by 25 basis points at the next meeting, on December 11. Likewise, it seems a rate cut has already been priced into the USD, which was virtually unaffected by this story. MSNBC reports:

On the currency markets, the heightened expectations of a US rate cut cut did little to hurt the dollar, as investors took the view that the currency’s recent weakness had gone far enough.

Read More: Fed stance sends equities soaring