🇺🇸FED on RATE HIKE: "There is no need for urgency.” October rate hike odds have now FLIPPED from hike (45%) to hold (55%). Just yesterday, markets were pricing in 71% chance of hike after Warsh kept sounding hawkish. The shift came after NY Fed's Williams said: “With the policy action we took at our Sept meeting, there is NO NEED FOR URGENCY.” “We have time to gather more information.” “At 3.7%, inflation is unquestionably TOO HIGH and expectations remain well anchored.” “Prices for housing services have DECELERATED.” “There is NO evidence that the labor market is adding to inflationary pressures.” Williams said the Fed has NOT seen price shocks “spilling over into broader and more persistent inflation.” But he said ONE MORE HIKE may come December. Williams is a permanent FOMC voter, and the vice chair of the rate-setting committee, meaning his comments often reflect the Fed’s policy center.