BOSTON, MA, September 18, 2024 — The Federal Open Market Committee (FOMC) met today to assess the state of the U.S. economy and monetary policy.

What We Learned

Following a considerable amount of recent market debate, the FOMC lowered the Federal Funds Target Rate by 50 bps to 4.75-5.00%, matching market expectations. Since the totality of the data looks consistent with a modest slowdown without elevated risk of a near-term recession, the Fed took its first step to reduce monetary constraint. Future adjustments remain subject to the Fed’s commitment to a meeting-to-meeting, data-dependent posture.

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