The Federal Reserve cut its benchmark interest rate by 50 basis points in September 2024.

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Erlina Fury Santika 19/09/2024 11:47 WIB

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The U.S. central bank, the Federal Reserve (the Fed), cut its benchmark interest rate by 50 basis points to a range of 4.75%–5% in September 2024. This is the largest cut in years.

The Federal Reserve (Fed)/United States Central Bank Interest Rate Movement (January 2020 – September 2024)

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The Federal Reserve (Fed)/United States Central Bank Interest Rate Movement (January 2020 – September 2024)

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The United States Federal Reserve (The Fed) cut its benchmark interest rate by 50 basis points (bps) to 4.75%–5% in September 2024. The announcement was made on Wednesday, US time (September 18, 2024), or Thursday morning, Indonesian time (September 19, 2024).

This cut was considered unexpected by market participants, who had predicted a 25 bps reduction. The last time such a significant 50 bps cut occurred was during the Covid-19 pandemic in March 2020, as reported by *CNBC Indonesia*.

The benchmark interest rate range of up to 5% was last seen in March–April 2023.

The Fed argued that this decision was made after observing a growing and solid economic activity, but slowing job growth and a rising unemployment rate.

"The Committee seeks to achieve maximum employment and inflation at the rate of two percent over the longer run," the Fed wrote on its website on Wednesday (September 18, 2024).

The Fed believes that inflation is moving sustainably toward two percent and assesses that the risks to achieving improvements in both labor market conditions and inflation are roughly balanced.

"The Committee will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities," the Fed wrote.

In assessing the appropriate stance of monetary policy, the Fed continued, it will continue to monitor the implications of incoming information for the economic outlook.

"The Committee's assessment will take into account a wide range of information, including measures of labor market conditions, inflation pressures and inflation expectations, and financial and international developments," the Fed wrote.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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