The Federal Reserve finally acted on the long-anticipated, and hotly debated, first rate cut, which ended the tightening policy that saw the fed funds rate upper bound at 5.5%. The Fed cut the overnight rate by 50 basis points (bps) to 4.75% – 5.0%. The decision was not unanimous! The FOMC voted 11-1, with the dissenting vote in favor of a smaller quarter-point cut, and the first dissent by a governor since 2005.
READ MORE: Market Update: Fed Cuts Rates By 50 bps on September 18, 2024