Summary of CNBC Daily Open: Markets seemed taken aback by the 50-point cut
Summary of CNBC Daily Open: Markets seemed taken aback by the 50-point cut
Federal Reserve Chairman Jerome Powell announced a 50-point cut, reducing the federal funds rate to 4.75%–5%. Markets initially reacted positively but later declined. The rate cut will influence global assets and central bank decisions. A CNBC survey indicates Vice President Kamala Harris is seen as more likely to win the next presidential election compared to Donald Trump. Gold may benefit from the rate cut. Powell's reassurances aim to address concerns about the economy and justify the larger-than-expected cut.
quoting nevent1q…xhfkCNBC Daily Open: Markets seemed taken aback by the 50-point cut
Fed Chair Jerome Powell spent a big portion of the post-meeting press conference massaging sentiment.
https://www.cnbc.com/2024/09/19/cnbc-daily-open-markets-seemed-taken-aback-by-the-50-point-cut-.html
Federal Reserve Chairman Jerome Powell announced a 50-point cut, reducing the federal funds rate to 4.75%–5%. Markets initially reacted positively but later declined. The rate cut will influence global assets and central bank decisions. A CNBC survey indicates Vice President Kamala Harris is seen as more likely to win the next presidential election compared to Donald Trump. Gold may benefit from the rate cut. Powell's reassurances aim to address concerns about the economy and justify the larger-than-expected cut.