The US Federal Open Market Committee voted with an 11-1 majority to cut the Fed funds target range by 25 basis points to 4.25-4.50%, moderating its benchmark rate by a total of 100 bps in the last three meetings of 2025. The Summary of Economic Projections, released along with the FOMC statement, showed the median Federal Reserve official expects another 50 bps of rate cuts in 2025, against the previous guidance of 100 bps.
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