Market Updates
Fed Delivers First Rate Cut In Four Years and Signals Additional Possible Cuts Over Next Two Meetings
Brian Turner
18 Sep, 2024
Washington, D.C.
The Federal Reserve lowered its key lending rate by 50 basis points, responding to the softening labor market and weakening inflation.
The rate-setting committee lowered the fed funds rate range to between 4.75% and 5.0%.
The committee also estimated that an additional 50 basis points are likely over the next two meetings before the end of the year, indicating that policymakers believe inflation has been tamed.
“The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent and judges that the risks to achieving its employment and inflation goals are roughly in balance,” noted the statement released by the Federal Open Market Committee.
The Federal Reserve lowered rates for the first time since March 2020 after holding rates at an elevated level for more than a year.
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