Oil Prices Rise on Jumbo Fed Rate Cut

As widely anticipated, the Federal Reserve announced a rate cut on Wednesday at the close of its meeting in a move that represents the first time the Fed has cut interest rates since the COVID-19 pandemic, going for an extra large 50-basis-point cut.  The Fed has lowered its key rate to ~4.8% from the two-decade high of 5.3%, while inflation has dipped to 2.5% as of August, down from 9.1% in 2022.  More rate cuts are now likely on the books, with the Fed indicating that they may make two additional 25-basis-point rate cuts before the…