The Federal Reserve cut its benchmark interest rate by half a percentage point on Wednesday and signalled more reductions would follow, launching its first easing cycle since the onset of the pandemic.
The US central bank’s first cut in more than four years leaves the federal funds rate at a range of 4.75 per cent to 5 per cent. Michelle Bowman, a member of the Federal Open Market Committee, voted in favour of a quarter-point cut — the first Fed governor since 2005 to dissent from a rate decision.
The bumper half-point cut suggests the US central bank is seeking to pre-empt any weakening of the US economy and labour market after more than a year of holding rates at their highest level since 2001.
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