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on the 18th local time, the u.s. federal reserve concluded its two-day monetary policy meeting and announced that it would lower the target range of the federal funds rate to 4.75% to 5%, a 50 basis point cut. this is the first rate cut by the federal reserve since 2020.

in addition, according to the fed's forecast, the u.s. federal funds rate will reach 4.4% at the end of this year, that is, the target range of 4.25% to 4.5%, and will fall to 3.4% by 2025 and is expected to fall to 2.9% by 2026.

data released by the u.s. department of labor on the 11th showed that the u.s. consumer price index (cpi) rose 2.5% year-on-year in august, 0.4 percentage points narrower than in july. this is the smallest increase since february 2021, showing signs of continued slowdown in inflation.

at the same time, the u.s. labor market continued to weaken. according to the labor department, layoffs in the united states increased to 1.76 million in july, the highest level since march 2023.

the fed cut interest rates four and a half years apart

looking back, from march 2022 to july last year, the federal reserve raised interest rates 11 times in more than a year, with a cumulative increase of 525 basis points. since july last year, it has remained unchanged for eight consecutive meetings, keeping the policy interest rate at its highest level since 2001.