The FOMC did indeed cut the target Fed Funds rate by 25bps overnight, to a target range of 1.50-1.75%. China though, showed that the global slowdown is still alive and well outside of America, with official Manufacturing PMI data dropping to a below-forecast 49.3. The FOMC did assuage my analyst poor-loser ego though, with their accompanying statement saying they are now moving to wait and see mode, and finished with cutting rates for now. That takes December of the table, and we may well see no action until well into Q2 next year if at all. The “insurance cut” as Chairman Powell put it, makes complete sense in this ... (full story)