The Fed cut interest rates by 25 basis points, and the federal funds rate remains in a restrictive range

According to ChainCatcher, Brian Jacobsen, chief economist at ANNEX Wealth Management, said that the Federal Reserve cut interest rates by 25 basis points and the federal funds rate is still in a restrictive range.

Although the Fed said risks to employment and inflation targets were roughly balanced, economic growth and inflation were slightly higher than expected, necessitating a more gradual pace of rate cuts.