US central bank officials see just half a percentage point worth of reductions in 2025
The Federal Reserve cut its benchmark interest rate by a quarter of a percentage point but signalled a slower pace of easing next year as it seeks to bring inflation fully under control. The Federal Open Market Committee voted on Wednesday to reduce the federal funds rate to 4.25-4.5 per cent, its third cut in a row. The decision was not unanimous, with Cleveland Fed president Beth Hammack casting a dissenting vote.
“In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” it said. Wednesday’s decision was not the first this year that was opposed by a Fed official, after Michelle Bowman cast a dissent to September’s half-point reduction. That was the first time a governor voted against a decision since 2005.
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