00:00The Federal Reserve approved its second consecutive interest rate cut, lowering the benchmark rate to a range of 3.75% to 4%, while announcing the end of a quantitative tightening on December 1st.
00:12The decision passed 10-2, with one dissent calling for a larger cut and another preferring no cut at all.
00:19Chair Jerome Powell tempered expectations for another reduction in December, saying there were, quote, strongly differing views among Fed officials and that another cut is not a foregone conclusion.
00:31His comments rattled markets, pulling stocks lower as traders reduced the odds of a December cut from 90% to 67%, amid heightened uncertainty caused by a lack of fresh economic data.
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