Here are five key takeaways from the Fed's big interest rate decision
The Federal Reserve on Wednesday delivered on a widely anticipatedquarter percentage point interest rate cutthat will take its benchmark down to a target range of 4%-4.25%, its lowest in nearly three years. In addition, the central bank's Federal Open Market Committee provided signals of what's down the road.
Here are five key takeaways from the meeting along with Chair Jerome Powell's news conference:
What they're saying:
"Maybe they circled the wagons a little bit saying, 'You know, this new guy Miran's coming in, it's obvious what his agenda is. Let's pull together here and make sure he knows what we're about and we're all about the same thing.'" —Dan North, senior economist, Allianz Trade North America, on there only being one dissent, following expectations from some quarters that there would be multiple "no" votes
"We think that over the next few years the Fed's primary challenge with their dual mandate of full employment and price stability will in fact be full employment. Again, we are witnessing an economy that is operating well today, companies that are operating very well, but the hiring environment for people is becoming considerably less healthy, and thus, we think this will be the new challenge for the Fed to help solve in the coming months, quarters and years." —Rick Rieder, chief investment officer of global fixed income at BlackRock and potential successor to Jerome Powell as Fed chair
"Given the coming changes to Federal Reserve personnel next year, we urge all to take this forecast with more than a grain of salt and would strongly suggest that the Federal Reserve is moving in a direction where it will tolerate inflation well above target."—Joseph Brusuelas, chief economist at RSM
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