The Fed Cuts Aggressively, but Remains Cautious About Future Cuts

Published on September 30, 2024

The Federal Reserve has reduced the target range for the federal funds rate by 50 basis points (bps) to 4.75%–5.00%, the first reduction in over four years. This decision, while anticipated, marks a pivotal shift in monetary policy. The Fed also released updated economic projections, which highlighted it expects to reduce interest rates by a total of 200 bps through 2025. That level is less than what the market expects the Fed will cut, according to futures prices, and reflects the balancing act of mitigating inflation risks and supporting a softening labor market.

 

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