The Three Takeaways From the Fed’s Rate Decision: Bill Dudley

What should one take away from this week’s Federal Reserve monetary policy meeting?

First, Chair Jerome Powellis firmly in control of the interest-rate setting Federal Open Market Committee, which on Wednesdaylowered its targetfor the federal funds rate by 25 basis points to a range of 4% to 4.25%.

Going into the meeting, expectations were that there could be dissents on both sides, with some policymakers in favor of no cut and others in favor of a larger 50-basis-point reduction. And some thought Fed GovernorsChristopher Waller or Michelle Bowman — both appointed to the central bank ...