The futures market had raised the odds of a rate cut at the Fed's next meeting on May 6-7 to about 50 per cent, but that dropped to about 30 per cent after Mr. Powell spoke. Market participants had hoped to see so-called Fed Put options, in which the Fed cuts interest rates to appease troubled markets, but on Friday their expectations fell short, sending stocks lower. "Powell's comments underline how far we are from macro environment and market data that could produce a Fed Put," wrote Krishna Guha, chairperson of Evercore ISI. " He is seeking to rein in expectations to leave room for a rate cut if unemployment rises sharply, before which pre-emptive action is impossible given the scale of the tariff inflation surge. "For Powell, there is no rush yet." It feels like we don't need to rush, it feels like we still have time, "Guha said.