At its much-anticipated meeting Wednesday, the Fed approved a half percentage point, or 50 basis point, cut to its benchmark funds rate that ran counter to the 25 basis point move that many Wall Street economists and strategists had been expecting.
The benchmark fed funds rate now stands at 4.75% to 5.00% after Wednesday's move.
Futures market pricing Thursday suggested a 25 basis point move in November followed by a 50 basis point cut in December, according to the CME Group's FedWatch.
A basis point equals 0.01%.
"Ultimately what we found most important in what Powell said was also among the least surprising things he said: future decisions are going to depend on the data," Feroli wrote.
Persons:
Michael Feroli, Feroli, Jerome Powell, Powell
Organizations:
Federal Reserve, JPMorgan, Fed, Street
Locations:
U.S