SUMMARY OF FED FOMC STATEMENT:

1. The Fed cut rates by 50 basis points to 5.00%. This is the first rate cut since March 2020.

2. The Fed's dot-plot projected another 50bps of rate cuts in 2024, which would take interest rates to 4.50%.

3. Fed officials said risks to employment, inflation goals are now in balance.

4. The Fed’s statement said that the FOMC is strongly committed to supporting max employment, 2% inflation.

Contrary to market expectations, the Fed delivered a 50bps cut.

Overall, the Fed’s statement struck a more dovish tone than was expected heading into the FOMC meeting.