Goldman Sachs Chief Financial Officer calls the Federal Reserve's 50 basis point interest rate cut a 'clear signal' towards a soft landing for the U.S. economy. His comments come amidst market concerns about the central bank's ability to tame inflation without triggering a recession.
The Federal Reserve 's move to lower interest rates by 50 basis points puts the U.S. economy on track for a soft landing , according to Goldman Sachs' chief financial officer.
In a decision that came as a surprise to some economists, the rate-setting Federal Open Market Committee on Wednesday voted to reduce its benchmark overnight borrowing rate by half a percentage point, or 50 basis points, to a targeted rate of 4.75% to 5.00%. One basis point equals 0.01%.the FOMC had cut by that much since the early days of the Covid-19 pandemic and, before that, the global financial crisis in 2008.
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