Fed unveils oversized rate cut as it gains 'greater confidence' about inflation

Quick Summary:

WASHINGTON: The U.S.central bank on Wednesday kicked off an anticipated series of interest rate cuts with a larger-than-usual half-percentage-point reduction that Federal Reserve Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.

Rate futures traders moved to price in even more easing than projected by the Fed, with the policy rate now expected to be in the 4.00%-4.25% range by end of this year.

Powell, however, said the economy remained strong, with many job market indicators like unemployment claims and even the current 4.2% unemployment rate not at worrying levels.

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Category: EconomyBusiness

Markets: Malaysia

Topics: Federal Reserve Policy /Business/Business News Inflation Interest rate Economy Easing

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-19 @ 07:05:00 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 902 words

Reading Time: 6 minutes read

Sentences: 29 lines

Sentence Length: 32 words per sentence (average)

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Copyright Owner: © The Star

News ID: 22582442

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