Fed Cuts Rates by Quarter Point

Cheddar News

The markets did not like what they heard from Fed Chairman Jerome Powell Wednesday, the Fed's 25 point cut and more importantly trimming of future cuts to two.

Transcript

00:00The markets did not like what they heard from Fed Chair Jerome Powell Wednesday.

00:04The Fed's 25-point cut and more importantly,

00:07the trimming of future cuts to just two next year sent stocks plummeting.

00:13The Dow fell for the 10th straight day for the first time in 50 years,

00:18shedding 1,100 points.

00:21The S&P fell nearly 3%, the Nasdaq 3.6%,

00:25and the small cap rustled 2,000, down 4.4%,

00:29even Bitcoin fell back below 100,000 for a complete rout.

00:34Though we're seeing a rebound today,

00:37it's nowhere close to recovering Wednesday's losses.

00:39Ultimately, Jerome Powell says he needs to see more progress on inflation,

00:43saying, quote,

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