The Federal Reserve cut US interest rates by 25 basis points, to a range of 1.75 to 2 per cent and signalled that it could stop there despite uncertainty over trade and fierce pressure from the White House for more accommodation.
The one-notch cut was in line with the expectations of investors and economists, but the projections show a more hawkish line than markets had anticipated. Futures data compiled by Bloomberg before the meeting showed that investors had expected two more cuts by the end of 2020.
The Fed left the language from its July policy statement largely unchanged. It noted that business investment and exports had weakened, but said as it had over the summer that it would “act as appropriate to sustain the expansion”.
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