The Federal Reserve cut its benchmark interest-rate range to 3.50%–3.75% in a 9–3 vote, with dissents from Presidents Schmid and Goolsbee, while outlining a measured outlook for future rate adjustments and announcing a restart of Treasury-bill purchases.
- The Fed reduced the target range by 25 bps; three officials dissented in favor of holding rates steady.
- The Fed will begin purchasing $40 billion in Treasury bills over the next 30 days, starting Dec. 12, to support “organic” balance-sheet growth.
- Officials said they will consider the “extent and timing” of any further adjustments.
- US interest-rate futures now price a 78% probability of a pause at the January meeting, up from 70% pre-announcement (LSEG).
- Swap markets continue to expect roughly 50 bps of easing in 2026.
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