President Trump's tariff policies are having a moderate impact on inflation
The August Consumer Price Index report showed that President Donald Trump's tariff policies continue to have a moderate impact on price pressures, but the Federal Reserve is still expected to lower the federal funds rate when it meets next week.
According to the Bureau of Labor Statistics, headline CPI was up 0.4% month over month in August, higher than the 0.2% rise seen in July and the 0.3% increase economists expected.
The CPI was 2.9% higher year over year, a quicker pace than the month prior and the largest annual increase since January. Still, the results arrived in line with estimates.
Core CPI, which excludes volatile food and energy prices and is seen as a better measure of underlying inflation trends, was up 0.3% month over month and 3.1% year over year. Both figures matched what was seen in July and were on par with economists' forecasts.
"Despite August's small upside surprise, the reality is that consumer price changes have continued to surprise to the downside (relative to economists' expectations)," says William Blair macro analyst Richard de Chazal, CFA. "We are also only seeing limited pass-through from the tariffs."
Chazal adds that "companies are absorbing some of the costs, as well as passing them further along the supply chains, before they reach the end consumer." So while consumer inflation expectations are higher than the Fed would like, the central bank is more focused on a weakening labor market than a sustained inflation surge, he notes.
- Karee Venema
Related: Hot August CPI Report Doesn't Shift the Rate-Cut Needle: What the Experts Say
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021, and oversees a wide range of investing coverage, including content focused on equities, fixed income, mutual funds, ETFs, macroeconomics and more.
A weakening labor market is worrying the Fed
A number of economic reports has the Federal Reserve concerned about the labor market.
Most recently, Thursday's release of weekly jobless claims, which climbed by 27,000 in the week ending September 6, to a seasonally adjusted 263,000. This is the highest level since October 2021.
Bill Adams, chief economist at Comerica Bank, says this particular initial claims update "should be taken with a larger-than-usual grain of salt" given the volatile nature of the data and the fact that the latest update coincided with the Labor Day holiday and the start of the school year.
"Even so," he notes, "after the downward revisions to payrolls announced earlier this week and the weak jobs report for August last week, the job market is looking the wobbliest since the pandemic."
As for that August jobs report, the Labor Department recently said that nonfarm payrolls rose by 22,000 in August, missing economists' estimate for 75,000 new jobs. Figures for June were revised down by 27,000, from adding 14,000 to losing 13,000, while July job growth was upwardly revised by 6,000 (from 73,000 to 79,000 additions).
With these revisions, the U.S. added 21,000 fewer jobs in June and July than previously reported.
The unemployment rate, which is calculated from a separate survey, ticked up to 4.3% from 4.2%.
The data "underlines the growing downside risks to the labor market," says Simon Dangoor, head of Fixed Income Macro Strategies at Goldman Sachs Asset Management. "Hiring is running close to stall speed, and the breadth of jobs gains remains poor."
Dangoor adds that while slowing supply growth – due in part to reduced immigration – "is mitigating upward pressure on the unemployment rate, the Fed is acutely aware that a low-demand, low-supply equilibrium is fragile and vulnerable to deterioration."
- Karee Venema
Fed meeting schedule for 2025
The next Fed meeting, which runs from September 17 to 18, marks the sixth gathering of 2025. That means there are two more to go after that.
"The committee meets eight times a year, or about once every six weeks," writes Kiplinger contributor Dan Burrows in his feature, "When Is the Next Fed Meeting?".
The Federal Open Market Committee "is required to meet at least four times a year and may convene additional meetings if necessary," Burrows adds, noting that "the convention of meeting eight times per year dates back to the market stresses of 1981."
Fed meetings last two days and wrap up with the release of a policy decision at 2 pm Eastern Standard Time. This is typically followed by the Fed chair's press conference at 2:30 pm.
Here is the full Fed meeting schedule for 2025:
January 28 to 29
March 18 to 19
May 6 to 7
June 17 to 18
July 29 to 30
September 16 to 17
October 28 to 29
December 9 to 10
Some good news on the inflation front?
This week also brought an encouraging reading on wholesale inflation. Ahead of Wednesday's open, the Bureau of Labor Statistics said the Producer Price Index (PPI), which measures what businesses are paying suppliers for goods, fell 0.1% from July to August – coming in below economists' estimates for a 0.3% rise. Year over year, PPI was up 2.6%.
"The better-than-expected and relatively benign producer price report is both good news and bad news," says Scott Helfstein, head of investment strategy at Global X. "On the positive side, tariffs are not having a drastic impact on company supply chains in aggregate. Alternatively, the slowing in producer inflation could also signal a softening economy."
He goes on to say that inflationary pressures are not impacting producers right now and input costs appear to be contained. And the areas that did see increases in goods pricing were tied to the consumer staples sector, including food, tobacco and certain electronics segments.
"There were a few catalysts for higher prices in services with transportation costs and apparel being notable standouts," Helfstein says.
While he notes that the Fed is likely to take notice of the data, it will not shift the odds for a rate cut next week.
- Karee Venema
Fed rate cut incoming
Weak job gains during July and August, plus a forthcoming revision that lowers employment numbers going back to April of last year, will change the Fed's default position from one of standing pat to one of cutting short-term interest rates a quarter point at a time, starting with next week's policy meeting on September 17.
Inflation is still higher than the Fed would like, but Chair Powell has emphasized that the Fed has a dual mandate from Congress: not just to maintain low inflation, but a good economy as well. At the moment, it looks like the latter has become a greater concern than the former, and thus is the priority.
- David Payne
David is both staff economist and reporter for The Kiplinger Letter, overseeing Kiplinger forecasts for the U.S. and world economies. Previously, he was senior principal economist in the Center for Forecasting and Modeling at IHS/Global Insight, and an economist in the Chief Economist's Office of the U.S. Department of Commerce.
The smartest places to keep your cash when rates drop
The Kiplinger personal finance team is of course always following trends in savings vehicles, looking for opportunities and strategies for our readers. With an expected rate cut after months of stasis, this is a key time to get your cash in order. Even if you're not actively saving up, chances are you have spare funds to store that you don't necessarily want to put into the stock market, whether it's because you're holding it for a house project, vacation or emergency fund, or just don't like risk in your portfolio.
Personal finance writer Sean Jackson has been beating the drum for CDs in the lead-up to this September Fed meeting. With a CD, you lock in a rate for its entire lifetime, meaning that even if savings rates drop after the meeting, your CD rate will remain the same. In this article, he shares the best CDs he's found this week — as well as his advice on where not to put your cash.
Read more: The Smartest Places to Keep Your Cash If Rates Drop in 2025
- Alexandra Svokos, digital managing editor
Alexandra Svokos is the digital managing editor of Kiplinger. She has over a decade of experience in journalism and previously served as the senior editor of digital for ABC News, where she directed daily news coverage across topics through the major events of the early 2020s for the network's website, including stock market trends, the remote and return-to-work revolutions, and the national economy.
Miran could be confirmed to the Fed board as soon as Monday
The Senate could vote to add Stephen Miran, a White House economic adviser, to the Federal Reserve's Board of Governors as soon as Monday, according to some media reports.
President Trump tapped Miran to fill the seat vacated by Adriana Kugler, who unexpectedly resigned last month.
By a vote of 13-11 along party lines, the Senate Banking Committee on Wednesday advanced Miran's nomination to the Senate floor. Republicans are rushing to get Miran confirmed ahead of the start of the Fed's September meeting.
If confirmed, Miran will serve out the remainder of Kugler's term, which is set to expire on January 31, 2026.
- Karee Venema
How well do you know the Fed?
Fed meetings have become key events on Wall Street after inflation hit a pandemic-induced 40-year peak in 2022 – which forced the central bank into an aggressive rate-hiking campaign that lifted the federal funds rate to its highest level in more than two decades.
But how well do you know the Fed?
With the next Fed meeting on deck, we decided to test your basic knowledge of the Federal Reserve and how its actions impact you and your money.
Keep an eye on Powell's presser and the FOMC's quarterly forecasts
Looking beyond the FOMC's September 17 policy announcement, Chair Powell's post-meeting press conference and the accompanying new policy committee forecasts may give clues as to whether the members consider the labor market slowdown to be the result of a weakening economy or caused more by immigration tightening and deportations. FOMC members would be more likely to cut more frequently if it were a result of a weakening economy.
It will also be interesting to see whether members consider the higher inflation as temporary, linked to tariffs, or in danger of becoming more sticky as consumer, worker and business expectations shift. Members would also be more likely to cut if they feel it's temporary.
- David Payne
Consumer sentiment slips in September
The University of Michigan on Friday said its Consumer Sentiment Index fell 4.8% from August to September, to 55.4. The index is down 21% year over year.
"This month’s easing in economic views was particularly strong among lower and middle income consumers," says Surveys of Consumers Director Joanne Hsu. "Consumers continue to note multiple vulnerabilities in the economy, with rising risks to business conditions, labor markets, and inflation."
She adds that while several consumers mentioned tariffs during interviews, sentiment remains above the lows seen in April and May after the Trump administration announced reciprocal tariffs.
The report also showed that year-ahead inflation expectations were unchanged from August, at 4.8%, while long-run inflation expectations ticked up to 3.9%.
"Consumers are becoming even more pessimistic about the economy," says Bill Adams, chief economist at Comerica. "There's still some time until the start of the holiday spending season, but the setup looks disappointing for consumer-facing businesses as of today."
As for the Fed, Adams points out that it is being "pulled in opposite directions" by rising inflation and a weak labor market. "Chair Powell signaled at his speech to the Jackson Hole monetary policy conference that he favored 'careful' adjustments of interest rates given those competing pressures."
Comerica, he adds, expects a quarter-point rate cut this Wednesday. And while "the Fed can be expected to cut rates further in coming months; the question is how much, not if," the economist says. "If Powell reiterates the 'proceed carefully' language he used at Jackson Hole in the post-meeting press conference, it will signal that he favors a pause in rate cuts at the October decision (barring further deterioration in the economic data)."
Adams notes that it "will be worth watching for a gap between the FOMC statement's guidance, which represents the consensus view of all FOMC members, and Chair Powell's own statements in the press conference, which reflect his personal view."
- Karee Venema
Stocks closed mixed ahead of Fed week, notch weekly gains
The main indexes closed mixed Friday. While the Nasdaq Composite (+0.4% at 22,141) managed to notch a new record high, the S&P 500 (-0.05% at 6,584) and the Dow Jones Industrial Average (-0.6% at 45,384) were not so resilient.
It was a strong week overall for the U.S. stock market, though, with the Nasdaq, S&P 500 and Dow adding between 1% and 2%.
- Karee Venema
Read more: S&P 500 Slips Ahead of Fed Week: Stock Market Today
What will the dot plot reveal?
It's all but certain that the Fed will cut interest rates this time around. This meeting will also include the release of the central bank's Summary of Economic Projections (SEP), or "dot plot," which summarizes where each member expects monetary policy to be going forward.
In June, the Fed's dot plot indicated expectations that the federal funds rate would be lowered to 3.9% by the end of 2025 – suggesting two quarter-point rate cuts this year.
But following several data points – including the August jobs report – that showed a notable slowdown in the labor market, many are expecting the Fed to cut at each of its three remaining meetings.
The June SEP also implied expectations for slightly slower economic growth, higher unemployment and an uptick in inflation compared to what was forecast in March.
Barclays economists think the SEP will "show little change in economic projections, other than upward revisions to real GDP growth and a small downward revision to 2025 inflation."
However, they expect "the median dots to show three 25 basis-point cuts this year, to 3.6%, one cut in 2026 and one in 2027, as well as an unchanged longer-run dot at 3.0%."
- Karee Venema
When does Jerome Powell's term as Fed chair end?
President Trump has not been subtle in his dislike of Fed Chair Powell. But the question of whether or not Trump can fire Powell is seemingly moot given that his term as Fed chair is up in less than a year from now – on May 15, 2026.
It's unlikely that those in Trump's inner circle will encourage him to disrupt the status quo and replace Powell before his term is over – which could potentially send stocks and bonds tumbling – given that there's such a small amount of time left.
Earlier this month, Treasury Secretary Scott Bessent began meeting with potential replacements for Chair Powell, including former Fed officials Lawrence Lindsey, Kevin Warsh and James Bullard.
For what it's worth, Powell's term as a member of the Board of Governors of the Federal Reserve ends on January 31, 2028.
- Karee Venema
A jumbo rate cut in September is unlikely
The odds of a jumbo rate cut have risen over the past month or so amid signs of weakening in the labor market.
According to CME FedWatch, the probability of a 50 basis-point rate cut is currently at 6.6%, up from 5.7% a month ago and zero before that.
But Jonathan Millar, senior U.S. economist at Barclays, says that it's doubtful the FOMC will lower the federal funds rate by a half-percentage point.
"Incoming data portray a slowed labor market that is not collapsing, and still-gradual upward price pressures from tariffs," Millar writes in a note. "Even with Stephen Miran likely injecting a dovish voice next week, the Fed seems on course for sequential 25 basis-point rate cuts through end-2025, with jumbo cuts unlikely."
- Karee Venema
CPI release dates for the remainder of 2025
The Consumer Price Index (CPI) report for August was released the morning of Thursday, September 11, giving the Federal Reserve the last look at inflation ahead of its September meeting.
The next CPI report, which will show data for September, will be released ahead of the open on Wednesday, October 15.
The CPI for October will be released on Thursday, November 13, while the final CPI release date in 2025 – for November's data – is on Wednesday, December 10.
You can access the full calendar for CPI report release dates at the Bureau of Labor Statistics.
- Karee Venema
Wells Fargo economists expect a quarter-point rate cut
Wells Fargo senior economists Sarah House and Michael Pugliese are among those anticipating a quarter-point rate cut Wednesday afternoon.
"A more precarious picture of the labor market has become apparent since the FOMC last met in July," the two wrote in a recent note, though adding that the unemployment rate (4.3%) is "at the top end of the FOMC's range consistent with 'full employment.'"
House and Pugliese note that "policy easing this year has been delayed due to inflation. Reflation in the goods sector alongside slower services disinflation has kept core PCE running about one percentage point above the 2% target."
However, they add that "the outlook for inflation has been little changed over the past six weeks."
What the economists don't anticipate is for Powell & Co. to signal any additional rate cuts beyond September so that the committee can maintain "flexibility to reduce the policy rate again at its next meeting on October 29 or proceed with additional easing more slowly."
- Karee Venema
What time will the Fed statement be released and what changes are expected?
The Federal Open Market Committee will release its updated policy statement at 2 pm Eastern Standard Time on Wednesday, September 17.
"Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year," the committee wrote in its July statement. "The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated."
This time around, Deutsche Bank economists expect the statement to "reflect the risk management concerns around the labor side of their dual mandate flagged by Chair Powell at Jackson Hole."
As such, they anticipate changes to the opening paragraph to note that job gains have slowed and the unemployment rate, while still low, has moved up. "This would be a clear downgrade from the July meeting statement's characterization of labor market conditions as 'solid.'"
The group will also be watching for potential dissents from committee members. "We expect Stephen Miran, who appears set to be approved by the Senate next week before the meeting, to dissent in support of a 50 basis-point reduction," they write in a note to clients, adding that Governors Bowman and Waller could also issue dovish dissents.
"There could also be hawkish dissents to a 25 basis-point rate cut," they add, potentially from Kansas City Fed President Jeffrey Schmid and/or Chicago Fed President Austan Goolsbee.
- Karee Venema
August retail sales data will be released on Tuesday
While the September Fed meeting is the main event on this week's economic calendar, Wall Street will also be tuned into Tuesday morning's release of the August retail sales report.
The data give investors and economists an important look at inflation and consumers' ability and willingness to spend money.
"Total retail sales (excluding restaurants) rose a strong 0.7% in July, while core retail sales (which also exclude gas and autos) picked up by a moderate 0.3%," writes Kiplinger staff economist David Payne in the Kiplinger Retail Outlook. "The four-day Amazon Prime Day promotion in July likely boosted consumer spending. The underlying trend would have been weaker without the sale."
For August, BofA Securities economist Aditya Bhave expects retail sales to come in strong, "which should keep alive the conundrum of solid spending and weak labor data."
Bhave cites solid credit card data, which showed that "spending growth was broad-based across sectors, and favorable seasonal factors."
The economist expects "a solid +0.7% and +0.8% for retail sales ex-autos and the control group."
- Karee Venema
Waiting for a cut
The main U.S. stock market indexes are poised to rally at the start of Fed Week, with futures in the green across the board 30 minutes before the opening bell at the New York Stock Exchange.
The Nasdaq Composite closed at an all-time high Friday, and though the S&P 500 and the Dow Jones Industrial Average were down at the end of last week they're still hovering near their own recent fresh peaks.
According to CME FedWatch, the probability the Fed cuts the target range for the federal funds rate by 25 basis points is 96.4%, up from 89.4% a week ago. Odds of a double cut have moved to 3.6% from 10.6% last Monday.
But the probability of a 50-basis-point move was 0.0% a month ago. And President Donald Trump has put his thumb on the scale in favor of taking the target range for the fed funds rate to 3.75% to 4.00%.
"I think you have a big cut," President Trump told reporters Sunday. "It's perfect for cutting." Trump has been pressuring Fed Chair Jerome Powell to cut interest rates for months.
The president is not alone, though. Renaissance Macro Research Head of Economics Neil Dutta thinks a double-cut is warranted too.
"I think it's going to be very, very challenging for the Fed to deliver what's embedded in market pricing," Dutta explains. "The market thinks the Fed is going to be at neutral two years before the Fed itself sees itself at neutral."
By "neutral" Dutta means the "neutral interest rate," the theoretical level for the federal funds rate that neither stimulates nor restricts economic growth while supporting price stability and full employment.
– David Dittman
David Dittman is the former managing editor and chief investment strategist of Utility Forecaster and the former editorial director of Investing Daily, Charles Street Research, and Weiss Ratings. A former stockbroker, David has been working in financial media for more than 20 years.
It's a big week for central banks and interest rates
"Policymakers have shown a clear bias to ease policy further, but were waiting for the data to justify a move. The August employment report was likely enough to satisfy that need, even as inflation remains well above target." Sounds about right, seems reasonable ahead of the next Fed meeting…
And if you're tracking the multitude of central banks meeting this week to discuss monetary policy, you have your forecast for the Bank of Canada from BMO Capital Markets Canadian Rates & Macro Strategist Benjamin Reitzes.
Like the Federal Open Market Committee, Canada's central bank is expected to announce an interest rate cut, only earlier on Wednesday, at 9:45 am Eastern Standard Time.
"The Bank of Canada is expected to cut policy rates 25 basis points to 2.50% on September 17 after staying on hold at the prior three meetings," Reitzes writes.
The Bank of England is scheduled to announce its next policy move at 7 am EST Thursday morning. The BoE is expected to hold rates steady.
The Bank of Japan is also expected to keep its current policy rate in place at the conclusion of its meeting this week.
The BoJ does not have a fixed schedule but usually announces interest rate decisions around midday local time, or between 10:45 pm and 12 midnight EST. The market expects its next move to be a hike.
The BoJ will close out an active week during which policy rates for four of the Group of Seven industrialized nations, five of the 10 most-traded currencies in the world and approximately 40% of the global economy will be set.
North American monetary policymakers confront similar circumstances, as Reitzes explains, including "ongoing elevated uncertainty around the outlook for the economy and inflation" as well as "deteriorating labour market" conditions.
You can apply his conclusion to Fed Chair Powell press conference too: "Listen to the tone from Governor Macklem to assess whether the Bank is keen on cutting in back-to-back meetings and for any clue on how stimulative they’d like policy to be."
– David Dittman
President Trump is still trying to fire Fed Governor Cook
President Donald Trump has appealed a ruling by a lower court to impose an injunction that prevents him from removing Lisa Cook from the Federal Reserve Board of Governors for the time being. He still wants to fill a voting spot on the FOMC before the next Fed meeting.
A decision from the U.S. Court of Appeals for the D.C. Circuit is expected on Monday. Cook has challenged Trump's attempt to fire her over allegations of mortgage fraud.
U.S. District Court Judge Jia Cobb ruled last week that claims by Federal Housing Finance Agency Director Bill Pulte and referred to U.S. Attorney General Pam Bondi is not "cause" sufficient to justify Cook's removal under U.S. law.
"The public and the Executive share an interest in ensuring the integrity of the Federal Reserve, and that requires respecting the President’s statutory authority to remove Governors 'for cause' when such cause arises," lawyers for the White House argue in their brief.
According to Cook's brief, the Fed governor's removal would "mark an immediate end" to central bank independence from the executive branch and "send a destabilizing signal to the financial markets that could not be easily undone."
Markets are broadly higher as of midday, with the Nasdaq Composite and the S&P 500 firmly in positive territory but the Dow Jones Industrial Average held under by a few big names.
The yield on the 2-year U.S. Treasury note, a basic indicator for the short-term direction of Fed policy, was down to 3.535% from 3.558% Friday. The yield on the 30-year U.S. Treasury bond, considered a bigger-picture barometer, was down to 4.645% from 4.679%.
– David Dittman
Will Stephen Miran serve at the Fed (and in the White House)?
The Senate could confirm Stephen Miran's nomination to serve on the Federal Reserve Board of Governors as early as today.
President Trump nominated Miran, currently the chairman of the Council of Economic Advisers, to complete the term of former Fed Governor Adriana Kugler. Kugler left before the January expiration of her 14-year term to return to a teaching post at Georgetown University.
Miran has been a key voice in the White House during the topsy-turvy rollout of President Trump's tariffs. Miran said that, if confirmed to serve on the Fed board, he would take an unpaid leave of absence from his role as a White House economic adviser.
During his confirmation hearing, Sen. Jack Reed of Rhode Island asked Miran whether he would resign from the Council of Economic Advisers if he's confirmed as a Fed governor.
"I have received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisers," Miran said. "And so, considering the term for which I'm being nominated is a little bit more than four months, that is what I will be taking."
– David Dittman
How Powell and the market see the employment situation
The August jobs report is what caused the odds of a jumbo 50-basis-point move on interest rates at the next Fed meeting to jump off zero to above 10% as recently as last Monday.
That probability has settled down to 4.0%, even after major downward revisions to recent jobs growth data.
The big question is how Fed Chair Jerome Powell and his colleagues on the Federal Open Market Committee see the employment situation right now. But, also, where is inflation going from here? And, bottom line, what does all of it mean for the federal funds rate?
Still, despite the fact that we just saw the biggest revision to jobs data ever, 911,000 fewer new jobs were created from April 2024 through March 2025, and there are now more unemployed people than job openings, as Ritholtz Wealth Management Director of Institutional Asset Management Ben Carlson notes, the S&P 500 made three new all-time highs last week.
The broad-based index has made 24 new highs this year and 43 over the trailing 12 months. "The stock market doesn't care about the labor market… yet," Carlson notes.
Indeed, BMO Capital Markets Chief Investment Strategist Brian Belski broke down 10 rate-cutting cycles since 1982, "when the Fed started officially announcing its policy actions."
According to Belski's analysis, the S&P 500 posted positive returns over the 12 months after a resumption of rate cuts in eight of the 10 cycles, with an average gain of 10.4%.
Belski has a big "however":
[T]he macro context behind the moves mattered a great deal, which is why performance varied so significantly around these turning points ranging from -23.9% to 32.1%. In cycles where rate cuts were able to prolong economic expansion and keep corporate earnings on an upward trend, stocks performed quite well. However, in cycles where monetary stimulus was unable to prevent an economic downturn (i.e., 2001 and 2007), stocks recorded significant losses in the following year as earnings growth struggled.
As Sam Ro of TKer says, "Yes, the Fed can have an impact on economic activity. But what ultimately matters for markets is where the economy and corporate earnings head."
– David Dittman
It's a risk-on start to Fed Week
All three main U.S. equity indexes closed higher Monday, with the tech-heavy Nasdaq Composite leading the way and hitting a new all-time closing high.
The broad-based S&P 500 also hit a new closing high, and the Dow Jones Industrial Average – the last of the three to start hitting fresh peaks this year – rallied late to post a modest gain.
The yield on the 2-year U.S. Treasury note ticked down to 3.539% from 3.558% on Friday. The yield on the 30-year U.S. Treasury bond was down to 4.658% from 4.679%.
The Cboe Volatility Index (VIX) popped in percentage terms – rising more than 6% – but the "fear gauge" remains well within its "normal" range between 12 and 20.
"Lingering concerns about whether the Fed would cut rates eased last week when the spike in jobless claims highlighted a softening labor market," observes E*TRADE Managing Director Chris Larkin. "Now the discussion will turn to how aggressively the Fed will act."
Larkin says the market "may take its near-term cues from Chairman Powell’s press conference" amid mixed incoming inflation data. Also, he adds, "The Fed may remind everyone that it may be focused on jobs now, but it hasn’t forgotten about the other half of its mandate."
– David Dittman
Miran, Cook to vote at September Fed meeting
The Senate on Monday confirmed Stephen Miran as the newest member of the Federal Reserve's Board of Governors, replacing Adriana Kugler, who resigned in August.
This means Miran will participate in the September Fed meeting, which kicks off today.
Fed Governor Lisa Cook will also be at the table after an appeals court on Monday denied the White House's eleventh-hour efforts to fire her over allegations of mortgage fraud.
Both Miran and Cook will vote on monetary policy, too.
The FOMC has 12 total members, eight permanent and four who rotate each year. The eight permanent voting committee members include the Fed chair and vice chair, the five Fed governors and the president of the New York Fed. Four regional Fed presidents are rotated in each calendar year.
The 2025 FOMC voting committee consists of:
- Fed Chair Jerome Powell
- Vice Chair Philip Jefferson
- Fed Governor Michael Barr
- Fed Governor Michelle Bowman
- Fed Governor Lisa Cook
- Fed Governor Stephen Miran
- Fed Governor Christopher Waller
- New York Fed President John Williams
- Boston Fed President Susan Collins
- Chicago Fed President Austan Goolsbee
- St. Louis Fed President Alberto Musalem
- Kansas City Fed President Jeffrey Schmid
In 2026, the presidents from Cleveland, Philadelphia, Dallas and Minneapolis will rotate in as FOMC voting members, according to the Federal Reserve.
- Karee Venema
Consumer spending stayed strong in August
Data released Tuesday morning showed that consumer spending remains strong.
According to the Census Bureau, retail sales rose 0.6% from July to August, while July's figure was upwardly revised to 0.6% from the initial reading of 0.5%.
Consumers were busy shopping online and going out to eat, which helped boost the headline number for August, while car sales also provided a lift.
"The U.S. economy is still humming. The August retail sales report proved that the strength of the mighty consumer cannot be easily discounted," says Priscilla Thiagamoorthy, senior economist at BMO Capital Markets. "So far, there has been little evidence that tariffs or softer labor market conditions are weighing on demand."
Thiagamoorthy adds that U.S. households, which represent the biggest pillar of the economy, "are still holding up thanks to healthy balance sheets sporting record-high household net worth."
- Karee Venema
Industrial production ticked higher in August
Data from the Federal Reserve showed that industrial production increased by 0.1% from July to August, beating economists' forecast for a 0.1% decline.
"In isolation, that headline print may sound encouraging, but taken in the context of a sharp downward revision that took July's decline from a small 0.1% to a more disconcerting 0.4%, this latest report puts overall output lower than where we thought we were in July," say Wells Fargo economists Shannon Grein and Tim Quinlan.
One bright spot the two economists point to is manufacturing output, which represents the largest industry group and was up by 0.2% in August after falling 0.4% in July. This was due to a 2.6% rise in the production of motor vehicles and parts.
But even with this "modest pickup in manufacturing activity" in recent months, Grein and Quinlan are still cautious as overall activity remains constrained amid continued uncertainty.
"While tariff rates haven't moved all that much in recent weeks, the administration looks to still be fine-tuning trade policy between different country-specific trade deals and product-specific tariffs that are still on the table," they say. And while the Fed is set to resume its rate-cutting cycle tomorrow, the economists "expect borrowing costs to settle relatively elevated."
As such, the pair note that it will likely be "some time yet before we see a broadening out in manufacturing activity."
- Karee Venema
How will rate cuts impact cryptocurrency prices?
With a rate cut all but certain to be announced tomorrow afternoon, the real question now becomes "by how much" and "whether Powell leaves the door open for a faster pace of easing," says Matt Mena, crypto research strategist at 21Shares.
CME Group FedWatch currently has the probability of a half-percentage point cut at 4%, while Polymarket puts the odds closer to 8%, Mena notes. While low, the strategist reminds us that the Fed has surprised before and "has shown a willingness to pivot faster when conditions demand it."
With market participants already in risk-on mode – as evidenced by a stock market at record highs and bitcoin prices back near $115,000 – a more dovish tilt by the Fed, either through a surprise 50 basis-point cut or a dot plot that signals more easing than anticipated, "could force a repricing of the entire curve and set the stage for bitcoin to challenge new highs into year-end," Mena says.
- Karee Venema
Powell and his purple ties
The odds of a September rate cut are high. It's also a safe bet that Fed Chair Powell will be wearing a purple tie during tomorrow's press conference.
That's because Powell always wears a purple tie … and there's a reason for it.
During an early April Q&A session with journalists at the Society for Advancing Business Editing and Writing conference, Powell was asked about the significance of his purple ties.
"At the beginning, the only significance was that I like purple ties," Powell replied. At his next press conference, he said he went to reach for a red or blue tie and thought, "Maybe not … so I wind up wearing purple."
He said now it's become "a thing," and it supports the fact that the Fed "is strictly non-political" and "bipartisan," and purple is a good color for that.
"Plus, I like purple ties," Powell concluded.
- Karee Venema
Wednesday will mark the start of the Fed's gradual easing, says FHN Financial senior economist
Sophia Kearney-Lederman, senior economist at FHN Financial, is among those who expect a quarter-percentage-point rate cut at this week's Fed meeting, which will bring the federal funds rate to a range of 4.0% to 4.25%.
"We anticipate this will be the start of gradual easing as the Fed navigates from restrictive policy to more neutral policy," Kearney-Lederman wrote in emailed commentary. "Many on the FOMC have acknowledged that rates are currently restrictive, though by how much is what will determine how many more cuts come after the September meeting."
The economist admits that "the Fed is in a tricky place as they head toward easing," given that risks to inflation are "tilted to the upside" and risks to the labor market are "leaning to the downside."
While some committee members, such as Governors Waller and Bowman, believe the impact of tariffs on inflation "will be a one-time effect," others, including St. Louis Fed President Musalem, seem concerned the impact will be more lasting, Kearney-Lederman says.
"At the September meeting, we expect there will be discussion around not only whether the Fed should cut rates or not, but also whether that cut should be 25 basis points or 50 basis points," she adds. "Beyond the interest rate decision that will be made this week, the committee will also release an updated Summary of Economic Projections showing updates to participants' projections for growth, inflation, unemployment and the fed funds rate. The dot plot will be something to watch."
With two remaining meetings left in 2025 – in October and December – the dot plot "will indicate how much more easing individuals project this year," Kearney-Lederman says.
- Karee Venema
Stocks slip ahead of Fed Day
The main U.S. equity indexes traded lower Tuesday but remained near all-time highs. At the closing bell on Fed Day Eve, the tech-heavy Nasdaq Composite was off 0.1% at 22,334, the broad-based S&P 500 had slipped 0.1% to 6,066, and the blue-chip Dow Jones Industrial Average was down 0.3% to 45,757.
Over in the bond market, the 2-year Treasury yield fell 2.5 basis points to 3.51%, while the yield on the 10-year Treasury edged down 0.4 basis point to 4.03%.
- David Dittman
Read more: Markets Are Quiet Ahead of Fed Day: Stock Market Today
Stock futures little changed ahead of Fed announcement
Stock futures are holding steady ahead of this afternoon's policy announcement from the Federal Reserve.
At last check, futures on the Dow Jones Industrial Average were slightly higher (+0.05%), while those on the S&P 500 (-0.06%) and Nasdaq (-0.08%) were marginally lower.
As for individual stocks, Nvidia (NVDA) shares are down more than 1% in pre-market trading after a report in the Financial Times suggested China has banned its biggest tech companies from buying the firm's AI chips.
Baidu (BIDU) and Netflix (NFLX) are poised for higher opens after receiving upgrades from Arete Research Services and Loop Capital, respectively.
Housing starts plunged in August
Data from the Census Bureau showed that building permits fell 3.7% from July to August, to a seasonally adjusted rate of 1.31 million. Housing starts plunged 8.5% month over month to 1.307 million units.
"Fed rate relief and lower mortgage rates can't come soon enough for the struggling U.S. housing market," says Sal Guatieri, senior economist at BMO Capital Markets. "Both singles and multiple-family units cratered in the month. And, by the looks of building permits and the latest NAHB Housing Market Index, little recovery is expected in September."
Guatieri points to lofty mortgage rates, a weak labor market and declining home values as reasons for depressed demand, while deported construction workers and higher lumber costs have impeded supply.
"If there are any dissenters favoring a large rate cut at today's FOMC meeting, the depressed housing market will likely be one motivating factor alongside a weakening jobs market," the economist notes.
- Karee Venema
StubHub IPO makes for a busy afternoon on Wall Street
The September Fed meeting isn't the only thing Wall Street is watching today. Online ticket marketplace StubHub is expected to start trading on the New York Stock Exchange under the ticker symbol "STUB" this afternoon.
The company priced its IPO last night at $23.50 per share, raising roughly $800 million in its offering.
The StubHub IPO is taking advantage of this summer's resurgence of public offerings, which was sparked by "clarity on trade policy, a summer rally in growth stocks, and the prospect of rate cuts," according to Renaissance Capital.
"Heading into the fall season, we expect the fastest pace of deal activity since 2021, as more companies accelerate listing plans amid the current momentum," the IPO experts say in their fall 2025 U.S. IPO preview (PDF).
- Karee Venema
Read more: StubHub IPO: Should You Buy STUB Stock?
Stocks are choppy ahead of the Fed
The main market indexes are making modest moves ahead of this afternoon's policy announcement from the Fed and subsequent press conference from Chair Powell.
At midday, the S&P 500 is down 0.1% and the Nasdaq Composite is 0.5% lower. The Dow Jones Industrial Average is outperforming, up 0.6% at last check.
Walmart (WMT) is the best Dow Jones stock so far today, up 2.6% after BofA Securities analyst Robert F. Ohmes reiterated his Buy rating on the mega-retailer and lifted his price target to $125 from $120.
Ohmes said Walmart's AI agent is testing well and will start taking action over the next few weeks or months, versus just answering questions as it does now.
"While the development of the market is still in very early stages, we see WMT as well positioned to be a leader in 'top of funnel' agentic AI commerce given its impressive scale, ability to serve customers both on & offline, unmatched data from 180 million customers and high potential for partnerships with some of the leading LLMs we believe WMT already frequently engages with," Ohmes wrote in a note to clients.
- Karee Venema
One way rate cuts can help extend the stock market rally
It's been an impressive year for the stock market, with the Dow up more than 8%, the S&P 500 12% higher, and the Nasdaq leading with its 15% advance.
These returns are even more impressive considering stocks were teetering near bear-market territory this spring. Indeed, since their April lows, the three main indexes have gained between 22% and 45%.
LPL Financial Chief Equity Strategist Jeff Buchbinder notes that the surge off the spring nadir has been driven by "strong corporate profits, fiscal policy, and a resilient economy," and that "potential rate cuts could be a necessary catalyst for stocks to extend their rally."
Buchbinder says that rate cuts have historically been stimulative for stocks absent a recession. He also points to assets in money market funds, which have been on the rise in 2022, as providing longer-term tailwinds for the stock market.
"The meaningful move lower in rates currently priced in would shift the arithmetic around money market funds, diminishing earnings and potentially leading investors to redeploy capital – ending the unusual trend of money market assets rising alongside equity prices," the strategist explains.
He adds that, historically, increases in the market cap of the broader U.S. equity market correlate with declining or stable levels of money market fund assets, but this "has not been the case since 2022 due to the Fed's rate hiking cycle and 'higher-for-longer' stance, which increased the attractiveness of money market funds."
While Buchbinder admits that it may take a few rate cuts to redeploy cash from money market funds to the stock market, the September Fed meeting "could be an early domino to fall in igniting additional support for the bull market."
- Karee Venema
The Fed decision is in
The Fed decision is in. The central bank cut rates by a quarter-percentage point, as expected.
The only dissent from today's quarter-point cut was newly appointed Stephen Miran, who preferred a half-point cut.
- David Payne
FOMC members expect more rate cuts than in June
The Summary of Economic Projections show the Fed's Board of Governors and regional presidents expect a faster decline of short-term interest rates than what was published in the June SEP.
And there's a difference of opinion among survey participants: about half expect quarter-point cuts at the October and December meetings, and half don't.
- David Payne
Committee members "scattered" on future rate cuts
A plurality of committee members expect two or more cuts to the federal funds rate in 2026 and 2027, but only by about a percentage point's worth from the current range of 4.0% to 4.25%.
Survey participants are very scattered when it comes to looking 12 to 24 months down the road.
- David Payne
Where can I watch Fed Chair Powell's press conference?
Fed Chair Jerome Powell's press conference will begin at 2:30 pm Eastern Standard Time.
The presser can be viewed on the Federal Reserve's website or on the Fed's YouTube channel.
What changed in the September FOMC statement?
Changes to the FOMC's latest policy statement include the following:
Recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated. (Previously read: Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.)
The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen. (Previously read: The Committee is attentive to the risks to both sides of its dual mandate.)
In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4 to 4‑1/4 percent. (Previously read: In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent.)
- Karee Venema
The path of least resistance for stocks is higher from here, says HB Wealth
"The Fed's decision to cut its key rate today reflects its belief that a softening labor market is a bigger economic risk than potential future inflationary pressures from tariffs that have yet to materialize," says Ross Bramwell, CFA, managing director of Investment Communications, Shareholder, at HB Wealth. "Although the prices of goods are rising in many areas of the market, and services inflation remains sticky, with a moderately growing economy, consumer spending and corporate earnings have shown resiliency despite sticky inflation."
He adds that the recent increase in initial and continuing unemployment claims is the biggest risk to consumer spending and corporate earnings at the moment, though it's a moderate one. "Employed consumers tend to spend, and that narrative remains intact."
Bramwell notes that markets are likely to view this initial rate cut as a move by the Fed to normalize rates rather than one that was required to stimulate or support the economy.
"Consequently, the direction of least resistance will likely be higher for stocks going into year-end," he says. "While the labor market has softened, it remains balanced as hiring and firing have stalled, and not near recessionary levels. Consumer spending data this week reinforced that the U.S. consumer in aggregate continues to spend, which should support earnings into early 2026."
- Karee Venema
Powell cites labor market weakening as the main reason for today's rate cut
The main reason for today's rate cut, according to Chair Powell, is the slowdown in the labor market, as expected. Job gains are not enough to prevent the unemployment rate from rising further. Even though inflation has picked up, this takes precedence.
- David Payne
Powell talks risks to the labor market
"There's very little growth, if any, in the supply of workers," Powell noted, when asked about risks to the labor market. Employers' demand for labor is also down a lot, leading to an usual balance in the labor market, with scant job growth in recent months.
Powell emphasized that the Fed is still guarding against inflation, but it is coming to see downside risk to the labor market as a growing concern that merited today's quarter-point rate cut. However, he emphasized that there was little appetite among his colleagues for a larger reduction in rates at this meeting.
- Jim Patterson
Jim Patterson is the managing editor of The Kiplinger Letter and The Kiplinger Tax Letter. He joined The Kiplinger Letter in December 2010, covering energy and commodities markets, autos, environment and sports business, and previously covered federal grant funding and congressional appropriations for Thompson Publishing Group.
Mortgage rates are already lower
While many people hope a rate cut will lead to drops in offered mortgage rates, mortgage rates are determined by several factors, including the 10-year Treasury. In the lead-up to this Fed meeting, average mortgage rates had already dipped to 2025 lows.
Lower mortgage rates can open up opportunities for both prospective homebuyers as well as homeowners looking to refinance.
Read more: Mortgage Rates Dip to Year-Low as Jobs Data Disappoints
- Alexandra Svokos
How will the Fed respond to a potential surge in inflation?
Asked how the Fed will respond if inflation accelerates significantly, Powell said that for now, the central bank expects a near-term bump in inflation due to the recently imposed tariffs, but not a long-run increase.
Assuming that pans out, he said that he and his colleagues felt that the Fed can pivot to providing more support to the economy, particularly the weakening labor market, by lowering its benchmark interest rate. That could prove risky if inflation pressures prove more persistent than the Fed is forecasting.
He admitted that it's a challenge when the Fed has to choose between the opposing goals of curbing inflation and boosting the economy. No doubt he is hoping the Fed does not find itself in that position down the road.
- Jim Patterson
"There's no risk-free path" from here, Powell says
"There is no risk-free path" on how the Fed proceeds from here, Powell said when asked if the FOMC's members are uncertain about the outlook for the economy. "We get together, we discuss ... and then we decide what to do, and we act."
But he noted that there is a wide dispersion of views on how to proceed on future interest rate decisions. That attitude might disappoint investors who are hoping for clear signs of more rate cuts in upcoming meetings.
- Jim Patterson
Powell sidesteps question on Lisa Cook
Asked about the president's ongoing efforts to remove Fed governor Lisa Cook, Powell closes the door on adding commentary.
"I see it as a court case that would be inappropriate for me to comment on," he said simply - and characteristically.
- Alexandra Svokos
Stocks head south during Powell's presser
Stocks have turned lower since Powell started talking, as markets had hoped for more commitment to lower rates in future meetings. He's not slamming the door on additional rate cuts, but he's also not teeing them up.
In other words, Chair Powell is doing exactly what he's always done.
- David Payne
Powell says today's rate cut is not an isolated action
"I'm not blessing what the market is doing at all," Powell said when asked about whether this initial rate cut will make much difference for the economy, but he suggested that this was not an isolated action, and that financial markets are pricing in additional rate reductions.
That might be more in line with what investors had been hoping to hear. (And stocks have moved off their lows as a result.)
- Jim Patterson
Savers need to strike now, while rates are high
The rate cut, coupled with inflation, can make savers feel the pinch. However, because it's been almost a year since the last rate cut, APYs on high-yield savings accounts and CDs are over 4%. While this might not remain for long, now is an excellent time to capitalize if you have short-term or year-end savings goals you want to reach.
And if you're concerned about inflation, I'll explain how high-yield savings options still outpace inflation for now.
Read more: Are High-Yield Savings Accounts Still Outpacing Inflation?
- Sean Jackson
Sean Jackson is a veteran personal finance writer, with over 10 years of experience. He's written savings, insurance and debt management eBooks for nonprofits; he's created helpful insurance, travel and homeowner advice for Bankrate, and helped readers save money on energy costs and credit cards with CNET.
Powell on labor supply and mortgage rates
On the labor market, Powell said that the job creation rate at which the unemployment rate starts rising has come way down because of lower supply. It could be anywhere from zero to 50,000, but the Fed thinks that the odds the economy is currently below that level seem likely.
On the housing market, Powell noted that mortgage rates have drifted lower and, of course, mortgage rates near zero help housing the most. But the Fed believes a good economy is the best medicine.
- David Payne
Near-term risks to the labor market and inflation are Powell's biggest concerns at the moment
Asked if Powell is concerned that consumers' expectations of long-term inflation are rising, Powell said no, and called most surveys of expected inflation to be "rock solid" in how stable they have been.
He doesn't see signs that markets are concerned the Fed could be losing its prized independence as it comes under more political pressure and thus may be less able to combat inflation pressure.
For now, he is just worrying about near-term risks to the labor market and the price increases he expects tariffs to foster. That sounds like enough to keep him busy.
- Jim Patterson
Thank you, next: Powell will not answer questions about politics
At this point, this much is clear: If you're going to ask Powell about politics, he's not going to give you an answer. Just today, he swiped down questions about the Trump-embattled Lisa Cook, if he would step down (as the president wants), how he feels if Americans trust the president more than the Fed, and so on. His answers are consistently forcefully neutral. There will be no "gotchas" in this room.
And yet ... the press will continue asking, hoping for an opening or momentary slip. We all have editors to answer to, after all.
Of course, this stalwart refusal to add commentary sets up a stark contrast to the president, never one to be accused of keeping his opinion to himself. President Trump has long made use of the power of the press (and social media) to try to get what he wants, stating his wishes loudly and clearly.
Powell won't answer the question of why some people might trust Trump more than the Fed, but I can give it a go: Trump's a politician. His job is predicated on getting people's support. But Powell, especially in how he says he views his role and the role of the Fed, doesn't need the people's support. He just needs to get the numbers right. And, at least as it pertains to the public's trust, that strategy seems to be working.
- Alexandra Svokos
September Fed meeting: what the experts say
With the September Fed meeting now in the books, here's some of what economists, strategists and other experts around Wall Street have to say about the outcome and what it could mean for investors going forward.
"Chairman Powell laid out a detailed and logical explanation for why the Fed is now focusing more on labor market weakness than they are on inflation, which should indicate that the Fed plans to do more than one rate cut this year. It's interesting that Waller and Bowman both stuck with consensus – despite auditioning for the Fed Chair position – and the newest member, Miran, has leapfrogged them with an even more dovish 50 bps dissent. It's possible that they are trying to position themselves as more serious members of the Fed, who are interested in cutting rates 25 bps, but don’t feel the need for draconian cuts." – Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management
"It is clear that while Fed members have been under a lot of political pressure from the administration, today's decision seems to underscore the fact that the Fed remains independent in its decision-making process. The dot plot also shows that Fed members are worried about economic growth going into the last quarter of the year and are also concerned about potentially higher growth next year, and that is the reason why they are more hawkish regarding rate cuts next year, which is in line with our view on the U.S. economy." – Eugenio J. Alemán, Chief Economist, and Giampiero Fuentes, Economist at Raymond James
"The worst kept secret is now official, as the Fed cut 25 basis points. The door is open to more cuts later this year, but it is clear they are now more worried about the slowing labor market than inflation. All in all, today's news didn't rock the boat and there were no curve balls." – Ryan Detrick, Chief Market Strategist at Carson Group
"The dot plot now implies two more cuts this year, but Powell downplayed its significance, framing the outlook as 'more balanced' rather than decisively tilted toward labor market risks. The SEP revisions, including higher inflation, higher GDP, and lower unemployment, raise questions about the internal consistency of the Fed's policy path. Markets may welcome the easing bias, but the messaging remains nuanced and far from a full pivot." – Dan Siluk, Head of Global Short Duration & Liquidity and Portfolio Manager at Janus Henderson Investors
"Although the outcome of today's decision to lower the federal funds rate by 0.25%, from 4.25% to 4.00%, was anticipated and as expected, it is still one of the most closely watched in recent history. The Fed's decision to reduce rates without further progress toward its 2% inflation goal reflects its concern that 'downside risks to employment have risen.' The widely watched evolving composition of the committee reflects a wide range in the expected rates going forward, according to the dot plots. The lone dissenting vote today was from the most recent addition to the committee, Stephen Miran, who was in support of a more aggressive half-point rate cut." – Louise Goudy Willmering, Partner at Crewe Advisors
"It remains to be seen how the long end of the bond curve will react if inflation accelerates further in coming months and policymakers choose to continue to reduce interest rates. Around the world, additional risk premiums have been moving into long-term bond markets, and any sense that the world's most important central bank is not focused on its mandate could lead to an acceleration of that process." – Dr. David Stubbs, Chief Investment Strategist at AlphaCore Wealth Advisory
- Karee Venema
Dow hits new highs, stocks closed mixed on Fed Day
All three main U.S. stock market indexes spiked after the Federal Open Market Committee announced a 25 basis point cut to the target range for the federal funds rate, but quickly fell back into their intraday ranges and closed mixed.
Factors other than monetary policy figured into a relatively stable trading session, as the world's most important stock suffered another trade war blow.
Nvidia (NVDA) was the worst-performing stock in the Dow after the Fed announcement, even as the index surged as much as 463 points and hit a new all-time high on an intraday basis.
Small-cap stocks – seen to benefit most as a group from lower interest rates – continued to rally into and through the FOMC decision, with the Russell 2000 Index up as much as 2.1% intraday, closing modestly higher and extending to nearly 37% the bounce off its April 9 post-Liberation Day low.
The tech-heavy Nasdaq Composite was down 0.3% at 22,261, and the broad-based S&P 500 had shed 0.1% to 6,600. But the blue-chip Dow Jones Industrial Average was holding a 0.6% gain at 46,018.
The yield on the 2-year U.S. Treasury note inched up to 3.549% from 3.510% as of Tuesday. The yield on the 30-year U.S. Treasury bond edged higher to 4.669% from 4.646%.
Read more about Fed Day price action…
– David Dittman