What the Fed’s latest cut reveals about state of the economy

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• 00:04

  Good morning.

• 00:05

  It's Thursday, October 30th.

• 00:08

  I'm Shamita Basu.

• 00:09

  This is Apple News Today.

• 00:11

  On today's show, why the public face of federal immigration enforcement is facing court scrutiny,

• 00:17

  Rio in shock after police carry out its deadliest ever raid, and a newly discovered Dr.

• 00:24

  Seuss manuscript will soon be published.

• 00:33

  But first,

• 00:34

  the Federal Reserve made another interest rate cut for the second month in a row yesterday.

• 00:39

  The quarter point reduction was expected and long priced into market expectations.

• 00:44

  What was more surprising was Fed Chair Jay Powell's warning on the road ahead.

• 00:49

  In the committee's discussions at this meeting,

• 00:51

  there were strongly differing views about how to proceed in December.

• 00:56

  A further reduction in the policy rate at the December meeting is not a foregone conclusion.

• 01:02

  Far from it.

• 01:03

  His wording here, characterized by the Wall Street Journal as an unusually pointed intervention,

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  was seen as an attempt to rein in markets that had already begun to price in another rate cut,

• 01:14

  something President Trump is eager to see.

• 01:17

  Wall Street dipped following Powell's comments.

• 01:20

  Powell also acknowledged uncertainty owing to the shutdown,

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