The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.
This recalibration of our policy stance will help maintain the strength of the economy and the labor market, and will continue to enable further progress on inflation as we begin the process of moving toward a more neutral stance.
The highly anticipated cut initially sent markets upwards. The Dow climbed 125 points following the announcement, while the S&P 500 added 25 points.
The committee attributed the aggressive cut to both progress on inflation and the balance of risks associated with higher-for-longer rates.
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