The US Federal Reserve cut the federal funds rate by 50 basis points to a target range of 4.75–5% on September 18, its first cut since March 2020. The Fed said policy-makers had gained greater confidence that inflation was moving sustainably toward 2%. Fed chair Jerome Powell said the US economy was in a strong position and that the central bank was not behind the curve in cutting rates. On November 7, the Federal Open Market Committee further cut the