BREAKING_ Federal Reserve cuts interest rates by 0.25_(

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Transcript

00:00Quarter of a point, David. Yeah, this was largely expected, Katie, going into this meeting is what

00:05Wall Street thought would happen here. And the reason for it is there is a sense on many members

00:10of this committee that the Fed is a bit behind the curve here when they look at the labor side

00:14of the Fed's dual mandate. So for so long, really since COVID, a huge focus has been on the inflation

00:19picture and inflation remains higher than the Fed would like it to be. The target is around 2%.

00:24We're still removed from that. But in recent weeks, we've seen deteriorating data when it

00:28comes to the jobs market, when it comes to the labor market. And I think back on the monthly

00:33jobs data for August, the revisions that we saw to payrolls on the heels of that, weekly jobless

00:37claims. So that's made the Fed have to shift its focus a bit. Again, I mentioned that dual mandate,

00:42which is a wonky term, but the Fed has these two goals. One is to focus on price stability or

00:47getting inflation under control and keeping it under control. The other is trying to achieve

00:51maximum employment. And I think what you see here today is the Fed acknowledging that, making this

00:55small cut, not going as big as the president and some others have agitated for, and really

01:00going in line here again, Katie, with what Wall Street expected.