The Federal Reserve cuts benchmark lending rate by a quarter percentage point.

SUMMARY OF FED DECISION (11/7/24):

  • Fed cuts interest rates by 25 bps in 2nd cut of 2024

  • Vote for 25 basis point rate cut was unanimous

  • Fed says risks to goals remain “roughly in balance”

  • Labor market conditions have “generally eased”

  • Fed removes “gaining confidence” on inflation moving to 2%

  • Fed will continue to reduce its balance sheet

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