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At 2 a.m. Beijing time on October 30, the Fed announced the interest rate decision.
The Federal Open Market Committee (FOMC) decided to lower the interest rate range by 25 basis points to 3.75%-4.00% with a vote of 10-2. Among the dissenting votes, Fed Governor Milan favored a 50 basis point cut, while Kansas Fed President Schmied preferred to hold steady. Fed Chair Powell acknowledged that there are significant divisions within the committee, and a rate cut in December is not a foregone conclusion. As a result, U.S. stocks plunged during the session, and international gold prices weakened.