Fed meeting live updates: Watch Chair Jerome Powell explain the Fed’s decision for a big rate cut
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The Federal Reserve cut interest rates by 50 basis points on September 18, 2024, lowering the target range to 4.75% to 5%. Fed Chair Jerome Powell stated that the economy is in 'good shape' and emphasized the goal of restoring price stability without increasing unemployment. Powell noted broad support for the decision despite dissent from Fed Governor Michelle Bowman, who preferred a smaller cut. The Fed's projections indicate a gradual reduction in rates, with expectations of 4.4% by the end of 2024 and 3.4% by 2025. Powell described the rate cut as a 'recalibration' of policy and cautioned against assuming a new pace of cuts. Investors expressed concerns that the cut may have been too aggressive given the current economic strength, with unemployment at 4.2% and GDP growth at 3.0%. The S&P 500 and Dow reached all-time highs following the announcement.

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https://www.cnbc.com/2024/09/18/fed-meeting-live-updates-traders-await-september-interest-rate-cut.html