[Strategist Paul Nolte: Market Expects Downward Interest Rate Trend in 2026] Murphy & Sylvest market strategist Paul Nolte stated that during the last Federal Reserve meeting, Powell indicated a wait-and-see approach due to a lack of economic data. However, subsequent speeches by several Fed officials shifted market expectations from 'no action in December' to 'a possible rate cut in December,' driven by significant weakness in the labor market. Nolte also mentioned that the next Federal Reserve Chair might lean dovish, and the market is optimistic about a downward interest rate trend in 2026.