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The Federal Reserve (Fed) is now two for two in terms of rate cuts. As was widely expected, the FOMC voted to reduce the Federal Funds target range by another quarter point, or 25 basis points (bps), following its September policy meeting. With this move now "in the books," the new range for Fed Funds is 1 ¾-2%, 50 bps below where it was as recently as July. In other words, the Fed has now not only reversed its December rate hike, but it has now moved further into "insurance" territory.