Fed Lowers Interest Rates By Quarter Point
2024-10-31
3953
(fxcue news) - After aggressively slashing interest rates by half a percentage point in September, the Federal Reserve on Thursday announced its widely expected decision to lower rates by another quarter point.
The Fed said it has decided to lower the target range for the federal funds rate by 25 basis points to 4.50 to 4.75 percent.
The central bank said its decision to continue lowering rates comes as labor market conditions have generally eased, while inflation continues to make progress towards its 2 percent objective.
However, the Fed said the risks to achieving its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run are roughly in balance.
"The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the Fed said.
In considering future adjustments to rates, the central bank said it will continue to carefully assess incoming data, the evolving outlook, and the balance of risks.
The Fed's next monetary policy meeting is scheduled for December 17-18, with CME Group's FedWatch Tool currently indicating a 70.0 percent chance of another quarter point rate cut but a 29.0 percent chance rates will be left unchanged.
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