FOMC Cuts the Fed Funds Rate, Signals Pause

As the day began, fed funds futures were implying 95% odds the Fed would cut the target rate another 25 basis points following the conclusion of today’s Federal Open Market Committee (FOMC) meeting. Indeed, the Fed obliged this afternoon as the FOMC announced its third 25 bps rate cut of the year, taking the fed funds target down to a range of 1.50% to 1.75%. Markets were much more concerned with what the Fed might say, how they would characterize the economy, and what hints they might provide about the future path of interest rates.

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