The Globe and Mail reports in its Friday edition that U.S. Federal Reserve officials cut interest rates on Thursday, marking their second reduction of 2024 and indicating that inflation may be under control. A New York Times dispatch to The Globe reports that this decision follows Donald Trump's election as president and comes at a pivotal moment for the economy. Growth has exceeded many economists' expectations, but Mr. Trump's proposed policies could disrupt the economy and spur further inflation. Federal Reserve chairman Jerome Powell stated that officials will monitor economic data before deciding on a final rate cut at their December meeting, emphasizing that the Fed's direction will not be swayed by Mr. Trump's plans. "In the near term, the election will have no effects on our policy decisions," Mr. Powell said, adding that it was impossible at such an "early stage" to model what the policies would be or what they would mean for the economy. "We don't guess, we don't speculate and we don't assume." The takeaway was that, faced with a complicated and changing economic and political backdrop, the Fed is avoiding giving a clear signal of what comes next. Instead, it is waiting, watching and feeling its way forward.