Interest rates reduced by the Federal Reserve to 4.75%-5%, with further cuts indicated in 2024.
On 18 September, the Federal Reserve cut its benchmark interest rate by half a percentage point, marking the start of an aggressive set of policy changes aimed at strengthening the U.S. labor market.
The Federal Reserve lowered its key lending rate target by 0.5 percentage points to 4.75%-5%.
Projections released following their two-day meeting showed a narrow majority, 10 of 19 officials, favoured lowering rates by at least an additional half-point over their two remaining 2024 meetings.
The Federal Open Market Committee voted to lower the federal funds rate to a range of 4.75% to 5%.
The rate had previously remained at a 20-year high for more than a year.
The Committee remains confident that inflation is moving steadily toward 2%.
At the same time, the Committee believes that risks to achieving the employment and inflation goals are roughly balanced.
Officials have updated quarterly economic forecasts, raising their average estimate for unemployment at the end of 2024 to 4.4% from June’s 4% forecast.
