The Federal Reserve cut its benchmark interest rate by 25 basis points in November 2024.

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Erlina Fury Santika 08/11/2024 19:30 WIB

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The U.S. central bank, the Federal Reserve, cut its benchmark interest rate by 25 basis points to 4.50-4.75% on Thursday, November 7, 2024.

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

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

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The United States Federal Reserve cut its benchmark interest rate by 25 basis points (bps) to 4.50%–4.75% in November 2024. This decision was made during a committee meeting on Thursday, US time (November 7, 2024), or Friday, Indonesian time (November 8, 2024).

According to the Fed's official statement, the rate cut was due to recent indicators showing robust economic activity.

"Since the beginning of the year, conditions in the labor market have generally eased, and the unemployment rate has risen but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated," the Fed wrote in a statement released on Friday, November 8, 2024.

The US government aims to achieve maximum employment and 2% inflation in the long term. The Fed assessed that the risks to achieving its employment and inflation goals are roughly balanced.

"The economic outlook is uncertain, and the Committee is attentive to risks to both sides of its dual mandate," the Fed stated.

The Fed also confirmed it will continue reducing its holdings of Treasury securities and agency mortgage-backed securities.

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

"The Committee's assessment will take into account a wide range of information, including readings on 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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The Federal Reserve cut its benchmark interest rate by 25 basis points in November 2024.

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