FT News Briefing The Fed changes course
61 snips
Sep 18, 2025 The Federal Reserve has made a significant shift by cutting interest rates for the first time this year, influenced by cooling job data. Meanwhile, China is taking bold steps by banning its tech companies from purchasing Nvidia's AI chips, aiming to bolster local suppliers. On a different front, the Swiss National Bank has emerged as a major player in US tech investments, utilizing a concentrated portfolio to handle the strength of the Swiss franc. Additionally, the podcast touches on the protests surrounding Donald Trump's state visit to the UK.
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Fed Shifts Toward Jobs Focus
- The Fed cut rates 0.25 points because the labour market cooled more than inflation worries warranted.
- Powell signalled a tilt toward supporting employment over aggressive inflation-fighting for now.
Wide Fed Forecast Dispersion
- Fed projections show disagreement: the median expects three quarter-point cuts by end-2025 but members range from more cuts to higher rates.
- That dispersion signals substantial uncertainty about the US economy's direction.
Read Votes For Fed Direction
- Watch FOMC voting and dissents for clues on political pressure and internal consensus.
- Use unified votes (or lone dissents) to judge how insulated the Fed is from external influence.