{"id":657397,"date":"2024-12-19T00:00:00","date_gmt":"2024-12-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/19\/fed-cuts-rates-by-another-25-bps-signals-slower-easing-cycle-next-year\/"},"modified":"2024-12-19T00:00:00","modified_gmt":"2024-12-19T00:00:00","slug":"fed-cuts-rates-by-another-25-bps-signals-slower-easing-cycle-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/19\/fed-cuts-rates-by-another-25-bps-signals-slower-easing-cycle-next-year\/","title":{"rendered":"Fed cuts rates by another 25 bps, signals slower easing cycle next year"},"content":{"rendered":"

The US Federal Reserve cut interest rates for the third time<\/strong> in 2024 by 25 bps<\/strong>, bringing its overnight borrowing rate to 4.25%-4.5%, it said in a press release<\/a> yesterday. This brings interest rates down a full percentage point this year, after it cut rates by 50 bps in September, and by 25 bps in November<\/a>. <\/p>\n

The Fed is now expected to make two rate cuts next year<\/strong>, according to the closely watched \u201cdot plot,\u201d CNBC<\/a> reports \u2014 half the amount of cuts expected the last time the dot plot was updated in September. The next meeting will take place on 28-29 January. <\/p>\n

Still, all options are on the table: <\/strong>The Fed is currently not on \u201cany preset course,\u201d Powell says, and restraint can be \u201cdialed back more slowly\u201d if the economy remains strong, Fed chair Jerome Powell said in a press conference (watch,runtime: 6:53<\/a>). However, with the current, less restrictive policy stance, coming steps can be more cautious as further adjustments are considered. <\/p>\n

Inflation to come in higher than expected: <\/strong>Expectations on inflation remain \u201cwell-anchored,\u201d says Powell, with numbers currently still above, but moving steadily toward, the longer term 2% goal. Officials now see inflation coming in at 2.5% by the end of next year, with the 2% target likely out of reach until 2027. <\/p>\n

Tariffs? We\u2019ll cross that bridge when we get to it:<\/strong> The effect of Donald Trump\u2019s potential tariffs on the economy is not a present situation to handle, Powell said, according to Reuters<\/a>, with the proper assessment mainly taking place after the policies are officially issued. <\/p>\n

Market reax:<\/strong> US stocks slid after the Federal Reserve\u2019s decision, with the S&P 500 falling 3%, Nasdaq sliding 3.6%, and the Dow Jones declining 2.6%.The USD also hit a two-year high on the news.<\/p>\n

\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are also in the red following the sell-off on Wall Street<\/strong>, with Japan\u2019s Nikkei down 1.2%, South Korea\u2019s Kospi down 1.7%, and Hong Kong\u2019s Hang Seng falling 0.9%. Wall Street futures are hovering near the flatline. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,503<\/p>\n<\/td>\n

\n

-0.3% (YTD: +22.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 50.81<\/p>\n<\/td>\n

\n

Sell 50.94<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 50.81<\/p>\n<\/td>\n

\n

Sell 50.91<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,961<\/p>\n<\/td>\n

\n

+0.1% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,293<\/p>\n<\/td>\n

\n

+0.3% (YTD: -3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

5,037<\/p>\n<\/td>\n

\n

-0.8% (YTD: +24.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,872<\/p>\n<\/td>\n

\n

-3.0% (YTD: +23.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,199<\/p>\n<\/td>\n

\n

+0.1% (YTD: +6.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,957<\/p>\n<\/td>\n

\n

+0.3% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 72.98<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 3.37<\/p>\n<\/td>\n

\n

+2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,653<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 100,112<\/p>\n<\/td>\n

\n

-5.0% (YTD: +138%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 3.4 bn (19.1% below the 90-day average). International investors were the sole net buyers. The index is up 22.5% YTD.<\/p>\n

In the green: <\/strong>Juhayna (+4.0%), E-finance (+3.7%), and Faisal Islamic Bank -USD (+1.9%).<\/p>\n

In the red: <\/strong>GB Corp (-4.8%), ADIB (-4.5%), and Credit Agricole (-3.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Officials expect two rate cuts in 2025<\/p>\n","protected":false},"author":1,"featured_media":657398,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,8780,119,182,349,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-federal-reserve","tag-financial-markets","tag-inflation","tag-interest-rates","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"70412142-bd93-439b-b94f-175bb9c416e6","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1813.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fed cuts rates by another 25 bps, signals slower easing cycle next year","related_issue":[657378],"teaser":"Officials expect two rate cuts in 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.16eb07cb-c33d-40d8-a9e6-87d7bf7f4737.mp3"},"yoast_head":"\nFed cuts rates by another 25 bps, signals slower easing cycle next year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/19\/fed-cuts-rates-by-another-25-bps-signals-slower-easing-cycle-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed cuts rates by another 25 bps, signals slower easing cycle next year\" \/>\n<meta property=\"og:description\" content=\"Officials expect two rate cuts in 2025\" \/>\n<meta property=\"og:url\" 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inflation and jobs data + the plight of shaky regional lenders to determine what happens next","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590902,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/27\/fed-hikes-interest-rates-by-25-bps-signals-its-not-done-yet\/","url_meta":{"origin":657397,"position":1},"title":"Fed hikes interest rates by 25 bps, signals it\u2019s not done yet","author":"enterpriseam admin","date":"27 July 2023","format":false,"excerpt":"Interest rates are now at their highest level since 2001","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1121.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584063,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/federal-reserve-hikes-interest-rates-by-25-bps-amid-banking-turmoil\/","url_meta":{"origin":657397,"position":2},"title":"Federal Reserve hikes interest rates by 25 bps amid banking turmoil","author":"enterpriseam admin","date":"26 March 2023","format":false,"excerpt":"Sell-off in European banking shares continues after the meeting","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/418.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591925,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/enterprise-poll-central-bank-of-egypt-to-keep-rates-on-hold-in-final-meeting-of-2019\/","url_meta":{"origin":657397,"position":3},"title":"Enterprise poll: Central Bank of Egypt to keep rates on hold in final meeting of 2019","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"SURVEY- Economists expect CBE to keep rates on hold in final meeting of 2019: The Central Bank of Egypt (CBE) will leave interest rates on hold when its Monetary Policy Committee (MPC) meets this Thursday, according to seven of 10 economists polled by Enterprise. This is the lowest rate of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593045,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/","url_meta":{"origin":657397,"position":4},"title":"Central Bank of Egypt cuts interest rates by 100 bps","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"CBE cuts rates by 100 bps, in line with market expectations: The Central Bank of Egypt\u2019s Monetary Policy (MPC) cut interest rates by 100 bps on Thursday, the CBE said in a statement (pdf). The central bank cited inflation\u2019s continued deceleration in October, with annual headline inflation hitting its lowest\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592825,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/cbe-to-make-third-consecutive-rate-cut-next-week\/","url_meta":{"origin":657397,"position":5},"title":"CBE to make third consecutive rate cut next week","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"SURVEY- Economists predict CBE will make third consecutive rate cut next Thursday: The Central Bank of Egypt (CBE) could cut benchmark interest rates by 50-100 bps when its Monetary Policy Committee (MPC) meets a week from today, according to five of six economists polled by Enterprise. 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