FOMC Opts for Half-Point Cut in “Recalibration” of Policy

One of the most aggressive hiking cycles in Fed history officially concluded yesterday afternoon when the Fed announced a half-percentage point cut, lowering the range of their benchmark rate to 4.75 - 5.0%. The decision follows months of data showing softening inflation, as well as a recently slowing labor market, which has shifted priority towards the second aspect of the Fed’s dual mandate: supporting "maximum sustainable employment".

In the days leading up to the September FOMC, market...

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