Roberto Perli, manager of the Fed’s System Open Market Account, stated that market intelligence indicated investors understood the recent 50-basis-point rate cut as a recalibration towards a more neutral stance rather than a sign of trouble. He emphasized that markets were prepared to interpret the move correctly.
NEW YORK - The central bank official responsible for implementing monetary policy at the New York Federal Reserve said on Tuesday financial markets were prepared to properly interpret a bigger-than-expected interest rate cut as something other than a sign of trouble.
Last week, the Fed, confronted with falling inflation pressures and rising risks to the job market, lowered its overnight target rate range by half a percentage point to between 4.75% and 5.5%, and penciled in 50 basis points’ worth of additional cuts into the end of the year.
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