Fed Cuts Interest Rates by 50Bps: What This Means for Bank Stocks
In an aggressive start to its monetary policy easing, the Federal Reserve cut the interest rates by 50 basis points, bringing the fund rates to the 4.75-5% range.
This marked the end of an era of aggressive interest rate hikes to tame "persistent" inflation. The central also indicated two more rate cuts this year, which will bring the Fed funds rate down to 4.4% in 2024.