JUST IN: Federal Reserve Cuts Interest Rates by 25 Basis Points

by MICHAELANTONIO

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The Federal Reserve on Wednesday cut interest rates by 25 basis points – or 0.25% to 4%.

The vote was 10-2.


This is the second interest rate cut this year. Last month the Fed reduced interest rates by 25 basis points.

The S&P 500 and Dow tumbled after Jerome Powell said officials had different views about the Fed’s December meeting.

“A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” Powell said.


CNBC reported:

The Federal Reserve policymakers announced a quarter percentage point, or 25 basis point, cut to its overnight lending rate on Wednesday, bringing the benchmark rate to a targeted range of between 3.75% to 4%. The vote was 10-2.

In addition to the rate move, the Fed announced that it would be ending the reduction of its asset purchases – a process known as quantitative tightening – on Dec 1.

Policymakers are being challenged by a lack of economic data as a federal government shutdown has halted the collection of key reports on employment and inflation.

During Fed Chair Jerome Powell’s news conference, he cautioned that another rate cut in December was “not a foregone conclusion.”

Federal Reserve Chairman Jerome Powell spoke after the rate cut.

Powell said the Fed is monitoring layoffs very carefully.

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