NEW YORK — Wall Street is roaring toward records Thursday as a delayed reaction of jubilation sweeps markets worldwide following the Federal Reserve’s big cut to interest rates.
It was a momentous move by the Fed, closing the door on a run where it kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Now that inflation has come down from its peak two summers ago, Chair Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.
Some analysts said it could have been relief that the Fed’s Powell was able to thread the needle in his press conference and suggest the deeper-than-usual cut was just a “recalibration” of policy and not an urgent move that it had to take to prevent a recession. Some investment banks raised their forecasts for how much the Federal Reserve will ultimately cut interest rates, anticipating even deeper reduction than Fed officials. Federal Reserve officials on Wednesday released forecasts showing they expect to cut interest rates by potentially another 1.5 percentage points over 2024 and 2025. At Bank of America, economists are expecting 2 percentage points.
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