Goldman Sachs CFO: Fed Rate Cut Signals Soft Landing for US Economy

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Goldman Sachs CFO: Fed Rate Cut Signals Soft Landing for US Economy
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Denis Coleman, Chief Financial Officer at Goldman Sachs, believes the Federal Reserve's 50 basis point interest rate cut puts the US economy on track for a soft landing. He highlights the move as a clear signal of a new direction and expects it to unlock confidence and reduce the cost of capital.

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%. One basis point equals 0.01%.the FOMC had cut by that much since the early days of the coronavirus pandemic, and, before that, the global financial crisis in 2008.

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