September 20, 2024 – 5:21 AM PDT
BENGALURU (Reuters) – The U.S. Federal Reserve will cut the federal funds rate by 25 basis points in both November and December, according to a strong majority of over 100 economists in a snap Reuters poll.
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The central bank started cutting rates on Wednesday with a larger-than-usual half-percentage-point reduction, which Fed Chair Jerome Powell said showed commitment to keeping unemployment low as inflation eased back toward the 2% target.
This week’s half point cut was mostly expected by market pricing, but was forecast by only 9 of 101 economists surveyed before the decision.
Some of those economists…
