Federal Reserve FOMC Meeting on US Fed Rate Cut 2024: Today is an important day for global markets, as the US Federal Reserve is expected to cut interest rates for the first time since March 2020. The much-anticipated decision will be announced at 2 PM ET by Fed Chair Jerome Powell during the Federal Open Market Committee (FOMC) meeting, held on September 17-18.
Along with the interest rate decision, the Fed will also release updated projections for future rate changes, known as "dot plots," along with revised quarterly forecasts for the economy. Powell will hold a press conference, where investors and analysts will be looking for clear guidance on the central bank’s policy path.
The Fed’s actions today are being closely watched due to ongoing uncertainty about the US economy. While some experts argue that a delay in cutting rates could slow down job market growth, others feel the central bank needs to act carefully. Fed officials have indicated that labor market data will now play a more significant role in their decisions, rather than just inflation.