Full text of the Federal Reserve decision: Cut interest rates by 50 basis points, committed to maximizing employment support
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The Federal Reserve announced on September 19 that it would cut the federal funds rate by 50 basis points to 4.75%-5.00%, marking the first rate cut since March 2020. Despite slowing job growth and a slight increase in unemployment, economic activity remains robust. The Committee is committed to maximizing employment and achieving a 2% inflation target in the long run, and will continue to monitor economic outlook and risks to adjust monetary policy in a timely manner. Supporters of the rate cut include Chairman Powell, while dissenters include Michelle W. Bowman
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