Five Things You Need to Know to Start Your Day: Asia

Good morning. The Fed makes a big rate cut. Stocks and bonds falter. The world braces for the decision’s fallout. Here’s what’s moving markets. Here’s what’s moving markets. — Kristine Aquino

The Federal Reserve lowered its benchmark rate by half a percentage point on Wednesday, in an 11-1 vote. Governor Michelle Bowman dissented — the first dissent by a governor since 2005. A narrow majority — 10 of 19 officials — favored lowering rates by at least an additional half-point over their two remaining 2024 meetings. “This decision reflects our growing confidence that, with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate growth and inflation moving sustainably down to 2%,” Fed Chair Jerome Powell said in a press conference following the announcement.