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As expected, the Fed delivered their second consecutive interest-rate reduction to support a softening labor market. The Fed said it would stop shrinking its portfolio of assets on Dec. 1, and lowered the target range for the federal funds rate by a quarter percentage point to 3.75%-4%.
In their statement, the Fed said “job gains have slowed” and “risks to employment rose in recent months.” The Fed characterized economic growth as “moderate,” and said inflation “has moved up since earlier this year and remains somewhat elevated.”The FOMC vote was 10-2 to lower the federal funds target range by 25 bp. Governor Stephen Miran, who joined the central bank last month again dissented again in favor of a larger, half-point reduction. Kansas City Fed President Jeff Schmid said he preferred not to cut rates at all, after supporting last month’s rate reduction.The copyright of this article belongs to the original author/organization.
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