Last week's speech by Federal Reserve chairperson Jerome Powell, which hinted at a possible pause in interest rate cuts at an upcoming meeting, upset investors. However, some economists do not see Mr. Powell's comments as having a negative impact on markets. Andrew Hollenhorst, chief US economist at Citi, said: "Treasury yields are higher because of Mr. Powell's comments, but we see this more as a sign that Mr. Powell is keeping all options open than as a deliberate hawkish signal." Mr. Hatzius, chief economist at Goldman Sachs, still expects "sequential rate cuts in December, January and March, followed by quarterly cuts in June and September, but believes the FOMC could slow the pace of rate cuts more quickly, possibly as early as its December or January meeting." However, unless November's employment or inflation reports are unexpectedly strong, the FOMC is unlikely to skip a rate cut in December.