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The Fed’s easing cycle was not a drift — it was a sequence of deliberate steps. Over the last five years, the upper bound of the target range fell by 175 basis points across 6 cuts, moving from the peak-policy era into a measured easing regime. Fed target rate path

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The Signal

The first cut was the loudest: 50 bps on 2024-09-19. After that, the Fed shifted into smaller, repeated 25 bp moves — a pattern that says: ease, but do not panic. Fed cut sizes

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Cut Timeline

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Why It Matters

Rate cuts change the price of time. They can lift duration-sensitive assets, reduce cash yields, and re-open risk appetite — but only if growth holds up. The key market question is not simply how many cuts? It is whether cuts are arriving because inflation is cooling, or because the economy is cracking. Bottom line: this cycle shows a Fed trying to normalize policy without losing control of the landing.