Federal Reserve cuts as expected

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Source: Dukascopy Bank SA


The US Federal Reserve cut interest rates at 19:00 GMT on Thursday. The central bank reduced the base rate, as expected, by 0.25%. The current rate stands at 4.75%.

The US Dollar surged on the news, as there were prior speculations that the Fed might cut 0.50%. The lesser cut revealed that there will be more demand for the USD than some might have speculated.

However, at the follow-up press conference by the Chairman of the Federal Reserve Jerome Powell, the head of the central bank revealed that the bank will stick to tightening despite markets indicating that there might be a return of inflation.
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