The Federal Reserve began a new easing cycle this week by cutting the federal funds rate by a half percentage point at the Federal Open Market Committee meeting. Market participants took the news in stride, as they had expected the Fed to cut rates by that amount rather than by a quarter point. At the press conference following the meeting, Fed Chair Jerome Powell indicated the action reflected growing confidence that the Fed’s 2 percent inflation target was within sight, while the labor market had cooled in the last three months. As a result, the balance between the risk of inflation and unemployment had shifted in favor of ensuring that the job market would not deteriorate material
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