The Federal Reserve cut its policy rate by 25bps on Wednesday, as widely expected, taking the midpoint of the target range to 4.375%. The decision was not unanimous, as 4 participants were not in favour of the decision. Powell said, however: “From here, it’s a new phase, and we’re going to be cautious about further cuts,” suggesting the official cost of money is closing in on the neutral rate.
A Macro Market View by Hubert Marleau
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