The post Just In: Fed Slashes Interest Rates By 25 bps appeared first on Coinpedia Fintech News
The US Federal Reserve has finally announced its eighth and last policy decision for 2024 after a two-day Federal Open Market Committee (FOMC) meeting. It has cut interest rates by 25 bps to 4.5%-4.75%, aligning with market expectations. This marks the third consecutive rate cut since a 0.5% reduction in September. It also scaled down the number of cuts it expects to make next year. The consensus among Fed officials is for three rate cuts next year, down from four previously forecasted in September.
Notably, Wall Street had expected the central bank to slash the benchmark interest rate by 25 basis points (bps) for the second straight meeting after lowering it to 4.50 to 4.75 percent in November. Markets were confident in a rate reduction, with CME Group’s FedWatch tool indicating a 99% probability.
The last policy verdict by the central bank came just after Republican Donald T
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