03:25 PM EDT, 09/18/2024 (MT Newswires) -- The Federal Open Market Committee lowered the target range for the federal funds rate by 50 basis points to 4.75% to 5% and the updated Summary of Economic Projections points to an additional 50 basis points of reduction this year and 100 basis points of reduction next year.

Revisions to SEP show slower GDP and inflation growth this year and a higher end-of-year unemployment rate than in the previous estimate in June.

Federal Reserve Chairman Jerome Powell (voter) said that the FOMC can move faster or slower going forward depending on how conditions evolve, but said that decisions will be made meeting-by-meeting and is not on a preset course or needs to follow the forecasts in the SEP.