# Federal Reserve cuts rates 50bp in September 2024, beginning post-inflation easing under Powell

Date: 2024

On 18 September 2024 the Federal Open Market Committee, chaired by [Jerome Powell](/people/jerome-powell), voted to lower the federal funds target range by half a percentage point to 4.75-5.00%, its first cut after the aggressive 2022-2023 tightening cycle. The move signalled growing confidence that post-COVID inflation was moving back toward the 2% goal while the labour market cooled. The decision carried one dissent: Governor Michelle Bowman preferred a 25bp cut.

## Drivers

- Monetary Policy Tightening Stance: https://factrail.ai/drivers/econ-monetary-policy-tightening

## Sources

_Sources are listed on the canonical page._

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/econ-fact-powell-2024-half-point-cut