Fed Rate Cuts: The Pivot in Six Moves — V2
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.
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.
Cut Timeline
| Date | Cut Size | New Upper Target |
|---|---|---|
| 2024-09-19 | -50 bps | 5.00% |
| 2024-11-08 | -25 bps | 4.75% |
| 2024-12-19 | -25 bps | 4.50% |
| 2025-09-18 | -25 bps | 4.25% |
| 2025-10-30 | -25 bps | 4.00% |
| 2025-12-11 | -25 bps | 3.75% |