As widely anticipated, the U.S. Federal Reserve cut its benchmark interest rate range by 25 basis points to 3.75% to 4.0%.
"Job gains have slowed this year, and the unemployment rate has edged up but remained low through August," read the policy statement. "Inflation has moved up since earlier in the year and remains somewhat elevated."
Lower on the session ahead of the news, bitcoin remained so in the minutes following the news, trading at $111,700, down 3% over the past 24 hours.
Stocks continued with modest gains on the session, the Nasdaq leading the major averages with a 0.5% advance. The 10-year Treasury yield rose three basis points to 4.02% and the dollar strengthened.
Market participants are now focused on Fed Chair Jerome Powell’s press conference at 2:30 p.m. ET for any signals regarding the central bank's thinking on the economy, inflation, and interest rates. For now, traders are fully expecting another 25 basis point rate cut at the Fed's final meeting of the year. in December. Attention is also on potential discussion about the end of quantitative tightening, the process through which the Fed reduces its balance sheet by allowing bonds it holds to mature without reinvestment.
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