The September meeting of the US Federal Reserve Open Market Committee (FOMC) saw the central bank cut interest rates for the first time since 2020. The target range for the Fed funds rate was reduced by 50bps to 4.75-5.00%. It marks the first rate change from the Fed in nine meetings. The decision by the FOMC to cut rates by 50bps was not unanimous, with one member (Bowman) preferring a 25bps reduction.