FOMC Report 1/2 Point Reduction in Federal Rate: What does that mean for you? (Sept. 18th, 2024)

It looks like in the market there is some slowing of job gains and unemployment has ticked up. We had a pretty good run as a country so far. While many other countries were struggling we continue to grow. Thus, this would indicate that the economy may be normalizing. It could also be a blip, which I don't think the Fed believes that, or it could be part of the natural cycles. I think it could be a short slowing before another more stable growth period but the data seem amebic and inconclusive. The federal funds rate will be reduced by 1/2 percentage point to 4-3/4 to 5 percent. You can read the Sept 18th, 2024 FOMC. Let us wait and see what happens. Time answers all questions. 

A few things you might benefit from....

-Lower mortgages, credit card rates and auto loan rates. 

-Business borrowing gets a little cheaper so it should help growth.

-Watch the job reports and manufacturing reports because it might indicated short and long term changes. I also like to watch inventory levels and orders to help judge what might happen in the near future.

-We should expect some prices coming down and hopefully that will impact food.