“The Fed lowered its overnight lending rate to a range of 4.75%-5% from 5.25%-5.5%. The magnitude of the rate cut came in-line with traders’ expectations, according to the CME Group’s FedWatch tool. Wednesday’s policy shift marks the first rate cut in four years as inflation levels ease from the levels seen two years ago.” — CNBC
Editors note: We will need to adjust Our Approach as a result.