Fitful Fed

As expected, the Fed dropped its benchmark rate a quarter-point to stimulate the US economy against a backdrop of global slowing, rising trade concerns, and persistently weak inflation. What happens next? Seven of 17 officials expect one more cut this year; 10 think rates should be lowered no further. Markets were unphased; this information did not rattle them. Policymaker divisions are unsurprising given the high level of economic uncertainty.

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