The Federal Reserve unanimously decided to cut rates by 0.25% to a range of 4.50% to 4.75%
Chair Powell did not rule out another cut in December despite rising US government bond yields
The Fed lowered its benchmark rate by 25 basis points following a 50 basis points reduction in September as expected.
After the announcement, the Fed’s Chair Jerome Powell held his presser providing some comments about the potential future moves and the economy. Overall, he did not rule out another rate cut to occur in December, which buoyed the markets.
The 10-year US Treasury yield declined while the S&P 500 finished 0.7% higher and hit its 49th all-time high this year.
A full recap of the event will be released early next week.
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