Fed chief Jerome Powell
The Federal Reserve is lowering its benchmark interest rate for the third time this year in a bid to shore up U.S. economic growth.
“All eyes and ears will be focused on the accompanying statement and press conference, which is potentially more important than the rate cut,” Gregory Leo, chief investment officer and head of global wealth management at IDB Bank, said in a note. “The economy clearly has slowed and needs an added boost.”.
The Fed statement follows a report Wednesday morning that the economy grew at a 1.9% annual rate in the July-to-September quarter. That is down from 3.1% in the first quarter and 2.9% for the year-ago period.