Fed Expects to ‘Gradually’ Lower Interest Rates: FOMC Minutes

Financial markets anticipate another quarter-point rate cut in December.

Screens on the trading floor at the New York Stock Exchange display a news conference with Federal Reserve Chair Jerome Powell following the Federal Reserve rate announcement, in New York City, on Sept. 18, 2024. Andrew Kelly/Reuters

The Federal Reserve anticipates that interest rate cuts will be implemented gradually, according to recently released minutes from the November 6–7 meeting of the policy-making Federal Open Market Committee (FOMC).

At that meeting, FOMC members overwhelmingly voted to lower the federal funds rate by 25 basis points, to a new range of 4.5–4.75 percent, signaling further loosening of restrictive monetary policy.