Federal Reserve officials lowered their benchmark interest rate by a quarter percentage point and penciled in two more reductions this year. The Federal Open Market Committee voted 11-1 to cut the target range for the federal funds rate to 4%-4.25%, with one official favoring a larger cut.
Chair Jerome Powell pointed to growing signs of weakness in the labor market to explain why officials decided it was time to cut rates.
This is a special "Bloomberg Surveillance: The Fed Decides."
Guests include:
Charles Schwab's Kathy Jones
SocGen's Subadra Rajappa
Former New York Fed President Bill Dudley
JPMorgan's Bob Michele
Chair Jerome Powell pointed to growing signs of weakness in the labor market to explain why officials decided it was time to cut rates.
This is a special "Bloomberg Surveillance: The Fed Decides."
Guests include:
Charles Schwab's Kathy Jones
SocGen's Subadra Rajappa
Former New York Fed President Bill Dudley
JPMorgan's Bob Michele