US Fed cuts rates by 50 basis points
The dovish cut is the first by the Fed since March 2020 during Covid, and there could be two more smaller cuts on the way before the end of the year.
The US Fed’s Federal Open Market Committee has voted 11 to 1 to lower the federal funds rate by 50 basisi points (bps) to a range of 4.75% to 5%, after holding it for more than a year at its highest level in two decades.
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