Jerome Powell just dropped a quarter-point rate cut, but here's the kicker—Fed officials are far from united on where rates head next.

The central bank's delivering a 25 basis point reduction while simultaneously pumping the brakes on future cuts. Why? They're waiting to see how inflation behaves and whether the labor market holds steady or cracks.

This split among policymakers matters more than the cut itself. Some see persistent price pressures, others worry about employment softening. For now, the Fed's playing wait-and-see, which means volatility could stick around across risk assets as markets digest this cautious pivot.