The Fed delivered a big rate cut, but the central bank made it clear that the path forward would be more moderate.

At its September 2024 meeting, the Federal Open Market Committee delivered the first rate cut of the cycle by reducing the Federal Funds Rate by 50 basis points, from its previous midpoint of 5.375% to 4.875%. Some adjustments were made to the accompanying statement, and one member of the Committee dissented in favor of a 25 basis point cut.

In the prepared statement, the language on labor was updated. Job gains was characterized as “slowed” from ...

A newly dovish Federal Reserve likes what it sees on inflation and jobs but is waiting on interest rate cuts.

At its July meeting, the Federal Open Market Committee held the federal funds rates unchanged for the eighth consecutive time, with a balanced statement that contained a few adjustments.

The Fed unanimously left its benchmark rate in the 5.25% – 5.50% range, but its statement reflected a few edits that, compared to June, tilted toward dovishness. The first key change was in its characterization of the labor market, noting that “job gains have moderated, and the unemployment rate...

Sticky inflation and a tight labor market are extending restrictive policy, but the next move for rates is likely still down.

At its May meeting, the Federal Open Market Committee held the federal funds rate unchanged for the sixth consecutive time, but announced a June start to tapering balance-sheet runoff.

The FOMC was unanimous in leaving fed funds at 5.25 – 5.50%, with its statement mostly unchanged from March and maintaining an easing bias. One notable difference was the addition of the following language: “In recent months, there has been a lack of further progress ...