Weekly Market Update: September 23, 2024
09/23/24
Federal Reserve Cuts Rates for the First Time Since 2020
After a dramatic leadup to the September FOMC meeting, Fed officials opted to cut the federal funds rate by 50 basis points instead of 25. Markets wavered in the immediate aftermath of the decision before ending the week on a high note. This size cut confirmed that the Federal Reserve’s concerns have pivoted from inflation to the labor market. The Fed also released their quarterly economic projections, giving markets a more current look at their outlook for the U.S. economy.
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