The November meeting of the US Federal Reserve Open Market Committee (FOMC) saw the central bank cut interest rates for the second consecutive time. The target range for the Fed funds rate was reduced by 25bps to 4.50-4.75%. The decision by the FOMC to cut rates by 25bps was unanimous, following a split on the FOMC for September’s bumper 50bps cut. Markets were teed up for a rate cut, with little change to futures contracts in the aftermath of the statement and press conference.