Overview

• The Federal Reserve lowered its benchmark rate by 25 basis points to a 4.00%–4.25% target range, with Stephen Miran dissenting in favor of a 50‑basis‑point move after joining the Board a day earlier.
• Officials’ median projections indicate two additional quarter‑point cuts in 2025, though Powell cautioned that the path is not a commitment and will hinge on inflation and labor‑market data.
• U.S. markets ended mixed after the decision, with the Dow up 0.57%, the Nasdaq down 0.33%, and the S&P 500 off 0.10%, while the 10‑year Treasury yield hovered near 4.07% after touching a multi‑month low.
• French assets reflected shifting risk appetite, as the CAC 40 rose about 0.86% Thursday after a 0.40% decline the day before, and the 10‑year OAT yield closed Wednesday near 3.48%.
• Investors tracked sector moves tied to policy risks, with Nvidia sliding on a report of Chinese curbs on its chips and related semiconductor stocks lower.