"New Fed Communication Agency" Nick Timiraos said that the Fed voting decided to cut interest rates by 50 basis points, the first rate cut since 2020, marking the bold start of the rate-cutting action. Among the 12 Fed voters, 11 supported this rate cut decision, lowering the benchmark federal fund rate to the range of 4.75%-5%. Quarterly forecasts released on Wednesday showed that most officials expect to cut rates by at least 25 basis points at the November and December meetings. This rate cut decision firmly puts the Fed into a new phase: attempting to prevent last year's rate hikes (which pushed borrowing costs to their highest level in twenty years) from further weakening the US labor market.