Central Bank Watch
FOMC Cuts Federal Funds Target by Consensus of 25 Basis Points… Newcomer Miran Stakes Out a Dissenting Position
September 17, 2025
The new federal funds target range will be 4.0-4.25%. Eleven voting FOMC members favored a rate cut of 25 basis points. Governor Stephen Miran, who was only sworn in yesterday on the first day of the committee’s deliberations, dissented in favor of a 50 basis point cut to 3.75-4.0% and made an even bolder statement […] More
Central Bank Watch
Bank of Canada Interest Rate Cut to 2.5% from 2.75%
September 17, 2025
Today”s correctly anticipated 25-basis point reduction of the Canadian policy interest rate followed a half-year pause in monetary easing. The new overnight rate level is half the size of the 5.0% peak that had been maintained from July 2023 until an initial reduction in June 2024. In these tariff-laden times, the Bank of Canada is […] More
New Overnight Developments Abroad - Daily Update
Marking Time Until the Fed Announcement
September 17, 2025
The dollar is up a tad, and U.S. equity futures are little changed. Share prices today fell 1.1% in South Korea but rose 1.8% in Hong Kong. Ten-year sovereign debt yields are two basis points lower in Germany and the U.K., a basis point down in the Italy, the U.S. and Spain, and unchanged in […] More
