Federal Reserve cuts anchor rate by 25 basis points as expected 11.7.24

As expected, the Federal Reserve trimmed another 25 basis points from its benchmark interest rate in November, bringing it to a target range of 4.5%-4.75%.

The reduction, approved unanimously by the Fed’s policy-setting Federal Open Market Committee (FOMC), was the second straight rate cut from the Fed following September’s long-awaited 50-basis-point cut.

The statement released by the FOMC on Thursday after its November meeting was little changed from the one it released in September, noting that “labor market conditions have generally eased” and “inflation has made progress toward the committee’s 2% objective but remains somewhat elevated.” Interestingly, the FOMC removed a sentence present in its last statement affirming that it had gained greater confidence that inflation is moving sustainably toward that 2% goal, although it confirmed that it “judges the risks to achieving its employment and inflation goals are roughly in balance.”

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