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Fed Announces Another 25bps Rate Cut as Expected; Division Intensifies with 3 Officials Voting Against
Recommend 10 Positive 8 Negative 12 |
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The Federal Reserve announced on Wednesday, as expected, a 25-bp interest rate cut, lowering the target range for the federal funds rate to 3.5-3.75%. This marks the third consecutive rate cut. However, the decision to cut rates received only 9 votes in favor, with 3 officials voting against, marking the first occurrence since September 2019, reflecting a challenging path for future rate cuts. The latest statement from the Fed referenced the language used by the Federal Open Market Committee last year when pausing rate cuts, indicating that the committee will carefully assess the latest data, economic outlook, and risk balance, in considering further adjustments to the target range for the federal funds rate. Fed Chair Jerome Powell will speak at 2:30 PM, US Eastern Time. AASTOCKS Financial News Website: www.aastocks.com |
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