US Fed Cuts Interest Rates by 25 bps, Says ‘Election To Have No Impact on Policy Decisions’
The Federal Open Market Committee (FOMC) has cut its benchmark interest rate by 25 basis points to 4.50-4.75 percent, marking the second straight meeting after reducing the policy rate in Sep meeting by 50 basis points. The Fed is decreasing rates as part of what Powell has termed "a recalibration" to a lower-inflation environment. The committee is in the process of recalibrating from a fairly restrictive level at 5.33% to a 75 basis point decrease.