The US Federal Reserve reduced interest rates on Wednesday, with Chair Jerome Powell stating that further reductions will depend on progress in curbing persistently high inflation. Powell’s explicit – and repeated – references to the need for caution from here jolted Wall Street, sending stocks sharply lower and spurring a dialing back of market estimates of how far borrowing costs are likely to fall over the coming year. “I think we’re in a good place, but I think from here it’s a new phase and we’re going to be cautious…
Federal Reserve lowers interest rates but signals fewer cuts by 2025
