Fed Cuts Rates, Stocks Soar — But U.S. Mortgage Rates Refuse to Budge
Fed’s Latest Move and Economic Context At its Oct. 28–29 meeting, the Federal Reserve cut the federal funds rate by 0.25% to a 3.75–4.00% range reuters.com, following a similar move in September. Fed officials, facing a softening job market and still-elevated inflation (~3% y/y), emphasized the need to tread carefully. Governor Christopher Waller and Boston Fed chief Susan Collins publicly backed further rate cuts, noting inflation risks have eased and unemployment is the bigger concern floridarealtors.org floridarealtors.org. In contrast, some Fed members (and JP Morgan economist Michael Feroli) want caution and will likely avoid promising future cuts reuters.com reuters.com. Powell’s