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The Fed's Courageous Cut
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Koushik Korampalli
September 22, 2024
Written by
Koushik Korampalli
Est read: 0 minutes
The Fed’s fabled September rate cut has occurred
On Wednesday the Fed cut their interest rates by half a percentage point
This was a more aggressive action than expected
They also signalled further rate cuts
The chair of the Fed, Jay Powell, expressed his confidence in the US Economy: “The US economy is in a good place and our decision today is designed to keep it there”
This is their first Rate cut in 4 years
US Stocks saw rises of up to 1.1% immediately after the announcement
On Thursday the S&P 500 closed at a record high
The dollar also saw strengthening against the yen, but compared to a basket of peers, remained flat
European and Japanese stocks also climbed
However concerns about the labour market are causing some to believe that this excessive rate cut may be due to concerns about weakening employment
Further rate cuts are to be expected, Powell stated the Fed is committed to not falling behind.
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