The Federal Reserve's Federal Open Market Committee cut another 25 basis points from the benchmark federal funds rate today as many expected.
LPL Financial Chief Economist Jeffrey Roach in an emailed statement called the move "widely expected and well-choreographed."
A bonus is a slight move back on the 10-year Treasury yield as bond traders may be calming over whatever immediate concerns they faced from the election. During trading at 3 p.m. Eastern time, it was about 4.35%, down from Wednesday's close of 4.42%. The Fed's moves don't directly affect longer-term financing, but the cut provides emotional reassurance that rates will continue to drop for some amount of time, and so the anticipation of higher rates and possibly inflation edges down.
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