Bloomberg Daybreak: Europe Edition
The Fed's Big Cut, More Devices Explode & Global Shadow Fleet Exclusive
Sep 19, 2024
Jerome Powell, the Federal Reserve Chair known for steering U.S. economic policy, discusses a historic interest-rate cut aimed at bolstering the economy amid labor market challenges. He delves into the shifting focus from inflation control to market support and hints at more cuts ahead. The conversation also touches on the Bank of England's cautious approach, rising military tensions in Israel, and the implications for global markets. Additionally, an exclusive insight into Russia's clandestine LNG shipping strategies adds a layer of intrigue.
20:09
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Quick takeaways
- The Federal Reserve's recent interest-rate cut reflects growing concerns over the U.S. economy and labor market resilience.
- Israel's military escalation along the Lebanese border intensifies fears of a broader conflict amid regional tensions with Islamist groups.
Deep dives
Federal Reserve's Interest Rate Decision
The Federal Reserve has cut its benchmark lending rate by 50 basis points, marking its first rate reduction in over four years. This decision reflects concerns regarding the strength of the U.S. economy and the labor market. During his press conference, Chair Jerome Powell emphasized that the move should not be viewed as a new norm, stating that future rate changes will depend on economic trends. Despite Powell’s reassurances, the cut drew dissent from Fed Governor Michelle Bowman, who preferred a smaller, quarter-point reduction, highlighting the divided outlook among policymakers.
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