"Fed Spokesperson" Nick Timiraos, a journalist, said:

"The Fed made a bold start to the rate cut by cutting interest rates by 50 basis points for the first time since 2020. Eleven of the 12 Fed members who voted supported the rate cut, lowering the benchmark federal funds rate to a range of 4.75% to 5%.

The quarterly forecasts released on Wednesday showed most officials expect to cut interest rates by at least 25bp at meetings in November and December. The decision to cut rates puts the Fed in a new era: trying to prevent last year's rate hikes, which have pushed borrowing costs to their highest level in two decades, from further weakening the U.S. labor market."