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Fed seen cutting rates another half percent in November
By Ann Saphir
Reuters
Friday, September 27, 2024
The Federal Reserve is likelier than not to deliver a second 50-basis-point interest rate cut in November, traders bet today, after a government report showed U.S. inflation has cooled to a pace nearer to the central bank's 2% goal.
Inflation by the Fed's targeted measure, the year-over-year rise in the personal consumption expenditures price index, was 2.2% in August, the Commerce Department reported.
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That's in line with what Fed Chair Jerome Powell said he expected in a news conference after last week's half-point cut. The big start to what's expected to be further reductions in the policy rate ahead was aimed at bolstering what Fed policymakers see as a softening but still-solid labor market.
"If the Fed wants to cut by another 50 basis points in November, the inflation data isn't going to stand in their way," wrote Inflation Insights' Omair Sharif after the report. "In fact, the faster inflation cools, the more impetus there is for them to move faster to get to neutral."
Interest rate futures contracts now reflect a 54% chance of a half-point cut in November, versus a still-hefty 46% chance of a quarter-point cut. ...
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