The Federal Reserve cut interest rates by a ¼-point yesterday, as expected. The stock market rallied and Treasury yields fell. But the cut is considered “hawkish” because the central bank remained vague about the prospects for more policy easing in the near term.

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The Federal Reserve cut its target rate by 1/4 point to a 3.50%-to-3.75% range, marking the third reduction this year. Fed Chair Jerome Powell suggested the central bank would remain cautious on whether to cut further. “We’re well positioned to wait and see how the economy evolves,” he said.

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