The Fed approaches a new phase of interest rate policy

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This week the Fed followed the ECB's "example" and decided to reduce its own key interest rate by 25 basis points, however Jerome Powell showed…More...

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The Fed approaches a new phase of interest rate policy

By Atul Bhatia, CFA The Fed’s decision to cut interest rates by 25 basis points (bps) on Dec. 18 was hardly a surprise. The move was predicted by almost 90 percent of economists surveyed by Bloomberg and was fully consistent with interest rate futures pricing ahead of the decision. Slightly more noteworthy, in our view, were the changes to the central bank’s Summary of Economic Projections (SEP)—known colloquially as the “dot plot.” These showe…