US Federal Reserve meeting LIVE Updates: The world’s largest economy is expected to see the first rate cut in four and a half years, amidst fears of an oncoming recession. Stay tuned for live updates and analysis as the major economic event unfolds on September 18.
US retail sales rose by 0.1% in August, defying economists’ expectations of a 0.2% decline. Excluding auto sales, retail sales rose 0.1%, slightly short of the 0.2% growth forecast.
Global markets await the first rate cut by the US Federal Reserve since March 2020 as inflation has moved closer to its target of 2%. A cut in benchmark interest rates will bring down the cost of borrowing for companies in the US, and send a signal to many central banks scheduled to review their own monetary policy this week.
The big question right now is: will the Fed chair Jerome Powell cut the Fed funds rate by 25 basis points or 50? 100 basis points make a percent.
CME Group’s Fed Watch tool shows a 67% probability that the central bank will cut rates by 50 basis points, up from around 47% on Friday.
Wall Street’s main stock indexes rose on Tuesday, with the S&P 500 hitting an intraday record high ahead of a crucial Federal Reserve interest-rate decision, after fresh economic data allayed worries of a sharp slowdown in the U.S. economy.
Stay tuned for live updates and analysis as the major economic event unfolds in the next two days
Read More: Dow Jones slips, other US indices flat as traders await the quantum of Fed rate cut