Fed delivers milestone 50bps rate cut
from Squawk Box Europe Express
The Federal Reserve announces its eagerly awaited first rate cut of 50 basis points since the outset of the Covid pandemic with policy makers predicting one further cut this year. The market reaction was mixed with Wall Street closing lower, despite the Dow and S&P 500 initially scaling fresh all-time highs. Equities in Asia saw strong gains following the news from the Fed. Our colleagues in Asia speak to Bridgewater Capital’s Ray Dalio who warns that soaring debt levels Stateside will still prove challenging for the central bank. We are live in Brittany, north-west France, where Spanish green energy giant Iberdrola opens a €2.4bn offshore wind farm. Chairman Ignacio Galan tells CNBC grid expansion is crucial. Investors await today’s Bank of England rate decision with a potential expansion of quantitative tightening expected.
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