As the News Blender reported earlier Wednesday, the Federal Reserve is expected to make an announcement following the conclusion of their two day meeting.
USA Today reported that the stock market fell in early Wednesday as investors held back ahead of an anticipated decision by the Federal Reserve to cut interest rates.
CNBC is reported that the expected interest cut has been approved.
In a vote widely anticipated by financial markets, the central bank’s Federal Open Market Committee lowered its benchmark funds rate by 25 basis points to a range of 1.5% to 1.75%. The rate sets what banks charge each other for overnight lending but also is tied to most forms of revolving consumer debt.CNBC News.
This was the third cut this year as part of what Fed Chairman Jerome Powell as characterized as a “mid-cycle adjustment” in a maturing economic expansion.
Important note: The Fed updates its statement language.— Bloomberg Economics (@economics) October 30, 2019
FOMC drops its pledge to “act as appropriate to sustain the expansion,” while adding a promise to monitor data as it “assesses the appropriate path of the target range for the federal funds rate” https://t.co/IqgqccgSHM
Powell is expected to hold a press conference at 2:30 eastern time.