At their open market committee meeting on July 30-31, the Federal Reserve cut short-term interest rates by 0.25%. Although the markets anticipated the move long before the Fed made their official announcement, the cut represents an important change in position from the hawkish stance seen as recently as December of last year. At the press conference following the meeting, Fed chairman Jerome Powell called the move a “midcycle adjustment to policy”, rather than the start of a more aggressive cycle of monetary easing. But, financial markets appear to be expecting a series of additional cuts before rate decreases come to an end. August 2019 Economic and Financial Digest
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