US Federal Reserve cuts interest rates - Fed chief warns: It could be the last change for 2025
The U.S. Federal Reserve cut its benchmark interest rate by 0.25 percentage points and announced it would resume limited purchases of Treasury securities. The move came as money markets showed signs of a lack of liquidity, a situation the U.S. central bank has vowed to avoid.
The rate cut, which took into account data limitations due to the partial federal government shutdown, was met with opposition from two committee members.
The balance sheet decision will keep the total amount of the central bank's assets unchanged each month from December 1, but will change the composition of the portfolio by reinvesting the proceeds from mortgage-backed bonds into Treasury bills.
The 10-to-2 decision lowered the policy rate to a range of 3.75%–4.00%, as investors had expected, to cushion a further decline in the labor market. Policymakers were concerned that employment could lose momentum if appropriate measures were not taken.
Speaking at a news conference after the meeting, Federal Reserve Chairman Jerome Powell warned of uncertainty about future developments. “During the committee’s discussions at this meeting, there were very different views on how to proceed in December,” Powell said. “A further rate cut in December is not certain. Rather, policy is not on a pre-determined path,” he added.
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