Nick Timiraos of the new Fed press agency has published another article, titled very plainly "Fed Chair Powell's Allies Pave the Way for a December Rate Cut." Three signals: 1. Powell needs "personal authority" to make decisions. The article repeatedly emphasizes: this is the largest internal disagreement in Powell's 8-year tenure, with all contradictions concentrated on this meeting. The final decision-making power has shifted from "committee decision" to "Powell's personal call." Nick's wording is very clear: "the final call rests with Powell" "Powell has to navigate stark divisions" "unusual level of division" translates to: this time it is not a normal decision-making process; Powell is carrying the whole situation alone, which is very rare in the Fed system. 2. Powell himself is more inclined to "cut once first, then slow the pace" — replaying the rhythm of 2019. Nick rarely hints at "the Chair's preference" in public articles, but this piece is very straightforward: Powell currently has two paths, but each has risks. Path A: cut rates in December (the market's current main line) — "cut once first, then slow the pace" · Advantage: the market will breathe a sigh of relief, and labor market risks can be hedged in time · Disadvantage: there will be multiple dissenting votes within the committee, possibly creating the most dissenting votes in 30 years. Path B: do not cut rates in December, wait until January to reassess · Advantage: will not risk "cutting too early" · Disadvantage: the market will be disappointed, leading to a faster decline. Nick does not directly write "Powell will cut rates," but he would not write an entire paragraph about the 2019 "cut first, pause later" analogy for no reason. This is a hint. 3. Two core allies publicly voice support for Powell. Nick clearly quotes the views of New York Fed President Williams and San Francisco Fed President Daly. If Powell is the "conductor" of the Fed, Williams is the "deputy conductor," and Daly is the "core mouthpiece." Williams said last Friday: there is still room for rate cuts in the short term (hinting at a cut). Daly said on Monday: supports a rate cut in December (explicitly indicating a cut). The most critical line of the entire article is: "the final call rests with Powell." This tells the market: no matter how much internal disagreement there is, in the end, Powell will withstand internal opposition and forcibly initiate a rate cut in December. Nick is now helping the Fed with "market guidance before the rate cut."