Both the stock and bond markets cheered the Fed\u2019s 3rd straight rate cut, but cutting rates further will be hard to do, even though the Fed\u2019s \u201cdot plot\u201d calls for one more cut in 2026. When the policy rate is considered to be neutral or near it, it is no surprise that substantial disagreement in the Open Market Committee emerges, as it did in September 2019. All the members of the FOMC agree that inflation is too high and that employment has softened…<\/p>\n
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