All eyes turn to FED Powell Speech on Tuesday, 14 October 2025 at 17:20 UK (12:20 ET). With markets finely balanced between sticky-inflation risk and a cooling growth pulse, Powell’s tone and guidance on the path of policy will matter at least as much as the words themselves. In this note we look to frame what to listen for, his assessment of recent inflation prints and labour-market rebalancing, any colour on financial-conditions tightening, balance-sheet runoff. Also, the Committee’s reaction function into the next FOMC. We also map the potential market paths for USD rates and curves, the dollar, and equities under ... (full story)