Opinion
Powell’s jumbo rate cut is a big insurance policy
This super-sized rate reduction is the Federal Reserve chairman’s bid to cement his legacy as he tries to nail a soft economic landing.
Matthew CranstonUnited States correspondentWashington | The US Federal Reserve’s decision for a super-sized interest rate cut is Jay Powell’s attempt to cement his legacy as the Captain Chesley “Sully” Sullenberger of the US economy.
The central bank voted to lower interest rates by a half percentage point on Wednesday (Thursday AEST), opting for a bolder start to its long-awaited rate-cutting cycle than many in financial markets had anticipated.
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