The Fed Cut Interest Rates by 25 Basis Points.

The highly concerned Fed rate cuts decision has been announced. The Fed cut interest rates by 25 basis points as the market expected. This is the first time the Fed has cut interest rates in 10 years. Chairman Powell released the neutral tone to state that this decision is just to deal with the global economic uncertainty, it was “not the beginning of a long series of rate cuts”. Three major US Stock indices fall dramatically. EURUSD also dropped by 0.7%

EIA crude oil inventories fall for another week by 8.5 million barrels and pushed the oil price high up to 58.70, which is the highest price since 17^th of July. However, after the Fed’s decision, oil price fall by 0.76%.

Daily movement