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18 September 2024 / Brief
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Copy LinkThe Fed offered something for everyone today, offering a sizable interest rate cut for doomsayers, but also an upbeat assessment of the US Economy for those who are more optimistic.
The Fed cut interest rates by 50 basis points at its September 2024 Federal Open Market Committee (FOMC) meeting (Figure 1). This probably reflected mounting concerns about downside risks to the labor market as hours are being cut in some parts of the country and payroll employment over the last year or so might be revised downward.
However, the Fed did provide a rather glowing assessment of the US economy, believing GDP growth remains solid, the labor market is still healthy, and inflation is trending back to the 2-percent target. Moreover, the Chair of the Fed did not believe the economy is susceptible to a shock that would cause an economic downturn.
Markets and observers were divided over whether the central bank would start its rate cutting cycle to reduce monetary policy restrictiveness by 25 or more basis points. The decision to cut by one half per
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