Investors celebrated the Federal Reserve's super-sized interest rate cut and what is likely the start of a longtime coming easing cycle that should lower borrowing costs for consumers and businesses.
It’s a September to remember courtesy of the Federal Reserve, which delivered a super-sized rate cut for investors on Wednesday. The Dow Jones Industrial Average jumped over 500 points, closing above 42,000 for the first time. It took just 45 days since the last 1,000-point milestone, as tracked by Dow Jones Market Data Group.
"This recalibration of our policy stance will help maintain the strength of the economy and the labor market and will continue to enable further progress on inflation as we begin the process of moving toward a more neutral stance, we are not on any pre-set course. We will continue to make our decisions meeting by meeting," he said. Policymakers, in their projections, outlined rates could fall to 4.4% by year-end, 3.4% by 2025 and 2.9% by 2026.
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