Good morning from the Financial Times.
Today is Thursday, December 11th, and this is your FT News Briefing.
The Federal Reserve is at odds with itself, and Oracle's earnings report added to investor angst.
Plus, a royal family-owned conglomerate is dominating Abu Dhabi's economy.
I'm Sonya Hudson, and here's the news you need to start your day.
The Federal Reserve cut U.S.
interest rates by a quarter point yesterday.
Inflation is still running above targets, and the job market is softening.
Fed Chair Jay Powell said during his press conference,
that puts the central bank in a tricky position.
There is no risk-free path for policy as we navigate this tension,
but with downside risks to employment having risen in recent months,
the balance of risks has shifted.
The meeting also highlighted a growing division among members of the Federal Open Market Committee,
and that's pretty unusual.
Here to talk more about this is the FT's U.S.
Economics Editor, Claire Jones.
Hi, Claire.
Hello.
So why did the Fed decide to cut rates and what was the argument against it?