Although I was surprised that the FOMC lowered the Funds rate by 0.50% at the September 18 meeting, I didn’t think another 0.50% cut would happen at the November 7 or December 18 meetings as noted in the September 23 WTR. “ The FOMC voted to lower the Funds rate by 0.50% at the September meeting, but for the first time since 2005 there was a dissenting vote. In addition, the Median Dot plot indicated the FOMC was in favor of lowering the Funds rate by 1.00% by the end of 2024, but it was a close call. Two FOMC members only supported 2 rate cuts (5.375% to 4.875%) and 7 members thought 3...
