Thursday began with major developments across the world, with the Federal Reserve lowering its benchmark interest rate by 25 basis points, aiming to support economic growth as job gains slow and inflation remains high.
Asian markets had a mixed start, with Japan and South Korea seeing slight gains while Australia edged lower.
In other news, ABC pulled “Jimmy Kimmel Live” off the air following controversial comments, while crypto markets saw modest gains, with Bitcoin and Ethereum reacting cautiously.
A glance at major developments this morning.
Fed cuts rates to support economy
The Federal Reserve cut its benchmark interest rate by 25 basis points to a range of 4% to 4.25% on Wednesday. Fed Chair Jerome Powell described this move as a “risk management cut” in response to slowing job growth and elevated inflation.
The Fed signaled the possibility of two more cuts before year-end to support maximum employment and achieve its 2% inflation target amid increasing downside risks to the labor market.
The decision was widely supported among Fed officials, except for one dissenting voice who favored a larger cut.
Powell emphasized that the Fed remains data-dependent and ready to adjust policy appropriately, balancing risks to both inflation and employment in a cautious economic environment. Read full report here
Asian markets open mixed
Asian markets opened mixed on September 18 following the Fed’s decision. Japan’s Nikkei rose 0.3%, reaching a fresh intraday record, led by tech stocks despite some pressure from a stronger yen.
South Korea’s Kospi also climbed 0.38%, while Hong Kong’s Hang Seng added 0.19%. However, Australia’s ASX 200 slipped slightly, reflecting cautious investor sentiment amid mixed global cues.
Overall, the tone was optimistic but measured as investors weighed the Fed’s signals against ongoing geopolitical and economic uncertainties. Read full report here
ABC suspends Kimmel over controversy
Disney-owned ABC has taken “Jimmy Kimmel Live” off the air indefinitely following controversial comments made by the host about conservative activist Charlie Kirk’s recent shooting death.
Kimmel’s monologue criticized Republicans for politicizing the tragedy and mocked former President Trump’s mourning of Kirk, calling it akin to a child grieving a goldfish.
The suspension also follows Nexstar’s decision to stop broadcasting the show.
The move stirred considerable debate, with Kimmel’s remarks drawing sharp backlash from conservative circles and praise from others, marking a significant moment in the ongoing culture wars tied to media commentary.
Crypto traders cautious amid rate cut
Crypto markets showed a cautious but positive response to the Fed’s rate cut.
Bitcoin and Ethereum experienced mild gains as the 25 basis point reduction lowered borrowing costs slightly, boosting risk appetite modestly.
However, the tempered nature of the cut, described by Powell as a careful step rather than a bold easing, limited bullish momentum. The crypto community remains watchful, given economic uncertainties and ongoing inflation risks.
Overall, the rate cut eased liquidity conditions but did not trigger a decisive rally, signaling investor prudence in the face of a cautious Fed stance.
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