The probability of the Fed cutting interest rates in December is back to 71% on CME. From the Fed's statements, it seems like three people have six different directions, indicating that there isn’t broad consensus within the Fed on many issues. Most notably, Vice Chair Jefferson stepped up and said AI doesn’t have a bubble. He denied that AI is like the internet bubble of the 90s, saying current AI companies’ performance and profits are fine. This directly contradicts the AI bubble theory that Governor Cook shared a couple of days ago.