Although I believe the Fed ought to cut rates as a preventative move (if I put aside my heterodox views on interest rate policy), I found it very unsurprising that the Fed did not budge this meeting. One interpretation of the news flow is that the Fed is setting up for a cut in the next meeting, but my bias is that they will wait. A few strong data points will reduce the pressure to cut.
Since I am not in the forecasting or investment recommendation business, I am not the best person to ask what the Fed will do over the next few meetings. I just want to note that the historical bar for rate cuts now is quite high; the only question is whether Powell is more flexible, which would break the continuity of the Fed's policy stance.