At 2 o’clock in the morning, the Federal Reserve announced a 25 basis point interest rate cut, lowering the target range for the federal funds rate to between 4.00% and 4.25%. There is no suspense about this in itself, as the market has already been priced in 100%. This is the first time in nine months that the Federal Reserve has lowered interest rates since December last year. What really confuses the market is the wording of the resolution statement and Powell’s speech
The Federal Reserve acknowledged some new changes in the US economy in its statement, such as “job growth has slowed down,” and explicitly stated that “the downside risks facing employment have increased. This basically sets the tone for this interest rate cut, mainly to cope with the risk of a weakening labor market. Powell also repeatedly emphasized at the press conference that this interest rate cut is a “risk management” move, implying that the economy has not yet reached the point where it needs to step on the gas pedal, and we are just stepping on the brake first to prevent it. But at the same time, the statement also mentioned that ‘inflation has rebounded and is still at a high level’, which is somewhat interesting. While worrying about employment, one cannot let go of inflation.
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