The minutes of the FOMC meeting on October 10, 2024 highlighted several key points:

1. Cut interest rates by 50 basis points: The Fed decided to cut interest rates to 4.75%-5.00%, aiming to support the economy and deal with risks of growth decline.

2. Internal debate: Some FOMC members, including Governor Bowman, argued that the rate cut should be done more cautiously, with a reduction of 25 basis points instead of 50 points.

3. Forecast for 2024: Interest rates are expected to continue to fall, with the target down to 4.4% instead of 5.1% as before, suggesting the Fed may make smaller cuts in the future.

4. Focus on economic data: The Fed will continue to closely monitor employment and inflation data before making further interest rate policy decisions.

5. Concerns about economic growth: Some FOMC members emphasized that the economy still faces challenges, especially as the impact of previous interest rate increases has not yet fully manifested.

6. Inflationary pressures remain: Although inflation has eased, the Fed remains concerned about the risk of inflation returning if interest rate cuts are too rapid or uncontrolled.

7. Differences in views on the pace of easing: Some FOMC members favor faster rate cuts to support the economy, while others worry that this could cause economic imbalances if not tightly controlled.
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