The Federal Reserve on Wednesday announced a widely anticipated 25-basis-point (bp) rate cut, bringing the federal funds target range to 3.75%–4.00%. With markets priced for this move and the Fed operating in a data vacuum due to the U.S. government shutdown, the rate cut and modest statement changes were largely uneventful. What was more eventful was Fed Chair Jerome Powell’s press conference, where he emphasized that rate cuts at future meetings – including December – are “not a foregone conclusion.” Back in September, Fed projections indicated a majority (albeit not all) of participants favored a total of 75 bps ... (full story)