The Federal Reserve's decision to cut interest rates by 50 basis points was supported by officials' shifting views on the economic outlook. Fed officials now expect the unemployment rate to remain at 4.4% by the end of 2024, compared to their previous forecast of 4% in June. In the view of Fed officials, inflation has also moderated since June. They project a 12-month PCE inflation rate of 2.3%, compared to 2.6% in the previous dot plot. This shift in perspective indicates that the Fed is increasingly focused on the employment aspect of its dual mandate. (Golden Ten)