The labour market has pushed the Fed into more aggressive action. What it does next still hangs in the balance.
By Fidelity International Global Macro & Asset Allocation Team
What happened
In what was a hotly contested meeting, with markets split between a 25 versus 50 basis point start to the cutting cycle, the Federal Reserve ended up going big, cutting rates by 50bp. This was more than we and consensus expected but ultimately broadly in line with market pricin...