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WASHINGTON, Nov 7 - The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday, and its policymakers took note of a job market that has"generally eased" while inflation continues to move towards the U.S. central bank's 2% target.
At the same time, Powell gave little guidance on how fast and far the Fed will cut rates from here. He noted that while the"baseline" projections from September for moving the policy rate gradually toward the neutral level, where economic activity is neither stimulated nor restrained, are still valid, the exact pace of cuts and ultimate destination will depend on incoming data.
So looking at the statement from the Fed after cutting another quarter point today, really no changes in the language at all. A line chart titled"US federal funds target rate" that tracks the metric over time. The interest rate was lowered 0.25 percentage points in November.The Fed's policy statement noted that risks to the job market and inflation were"roughly in balance," repeating language from the statement released after its Sept. 17-18 meeting.
Powell said that the language change was not meant to signal that inflation has been sticky. The Fed, he said, has always expected progress to be bumpy, and policymakers have gained confidence that inflation is on a sustainable path to the 2% goal.
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