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CRU: The Federal Reserve Cuts Interest Rates and Embraces Less Clarity

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News provided by

CRU

30 Sep, 2019, 08:00 GMT

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LONDON, Sept. 30, 2019 /PRNewswire/ -- The Fed cut interest rates at the conclusion of its meeting on 18 September 2019, lowering the Federal Funds rate by 25bp to a range of 1.75% to 2.00%.

This reduction in the Fed Funds rate was widely anticipated by markets and follows a 25bp rate cut in July. What was striking about the information transmitted following the meeting is that the Fed is willing to be less clear about the path forward, which will add even more uncertainty into the current unpredictable policy environment.

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The Federal Reserve cuts interest rates and embraces less clarity

A house divided, but pre-emptive action prevails

The Fed's statement was very similar to that in July. It cited the strong labour market and continued expansion of the US economy, despite slower global growth, uncertainty in trade policy and the continued presence of geopolitical risks, like Brexit. The official September FOMC statement did highlight, however, that household spending was rising at a strong pace while business investment spending and exports were weaker.

The current Federal Open Market Committee (FOMC) has ten voting members—it should have twelve, but two appointments from President Trump have yet to be made. The minutes of the July meeting indicated a range of opinion around interest rate action, but only one FOMC member dissented from the decision to reduce rates by 25bp.

The diversity of opinion persists and in the 18 September decision there were three dissenting votes. One member wanted to cut rates by 50bp while two other members (one of whom was the dissenter in July) would have preferred no cuts at all.

Compared to the Yellen Fed, and the Greenspan Fed before that, this level of disparity in view may seem unusual. There has never been a shortage of differences of opinion on the Fed, but this much open dissent reflects that the Fed is taking a different approach in the current, high uncertainty, environment. Not only must the Fed focus on its dual mandate of low unemployment and inflation of 2%, but it also must look ahead to anticipate and mitigate the risks on the horizon.

Read the full story:

https://www.crugroup.com/knowledge-and-insights/insights/2019/the-federal-reserve-cuts-interest-rates-and-embraces-less-clarity/ 

Read more about CRU: http://bit.ly/About_CRU

About CRU

CRU offers unrivalled business intelligence on the global metals, mining and fertilizer industries through market analysis, price assessments, consultancy and events.

Since our foundation by Robert Perlman in 1969, we have consistently invested in primary research and robust methodologies, and developed expert teams in key locations worldwide, including in hard-to-reach markets such as China.

CRU employs over 280 experts and has more than 11 offices around the world, in Europe, the Americas, China, Asia and Australia – our office in Beijing opened in 2004 and Singapore in 2018.

When facing critical business decisions, you can rely on our first-hand knowledge to give you a complete view of a commodity market. And you can engage with our experts directly, for the full picture and a personalised response.

CRU – big enough to deliver a high-quality service, small enough to care about all of our customers.

Photo: https://mma.prnewswire.com/media/1002531/CRU_Federal_Reserve.jpg

Logo: https://mma.prnewswire.com/media/536199/CRU_Logo.jpg

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