# Instant view: FOMC does not change rates, but sets stage for September cut | Reuters

> The Federal Open Market Committee kept its benchmark overnight rate in the 5.25%-5.50% range at its July 31 meeting. Officials signaled that a rate cut could come as soon as the September meeting as inflation continues to cool.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/29140-instant-view-fomc-does-not-change-rates-but-sets-stage-for-september-cut-reuters
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Expectations of lower US rates weaken the dollar and support demand for commodities priced in dollars, which can lift grain and oilseed values; a weaker dollar also makes US exports cheaper for foreign buyers.

## Read by commodity

- DXY: bearish ▼
- SOY: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-09-17 | [Instant View: Analysts react after Fed cuts interest rates by quarter of a percentage point \| Reuters](https://feedsoft.ai/events/23084-instant-view-analysts-react-after-fed-cuts-interest-rates-by-quarter-of-a.md) | +0.4% | +1.5% |
| DXY | 2020-09-16 | [Fed decision September 2020: Interest rates unchanged](https://feedsoft.ai/events/51032-fed-decision-september-2020-interest-rates-unchanged.md) | +0.8% | +0.1% |
| DXY | 2019-08-02 | [Dollar weakens as September rate cut bets mount](https://feedsoft.ai/events/57761-dollar-weakens-as-september-rate-cut-bets-mount.md) | +0.4% | +1.7% |
| DXY | 2024-06-12 | [EUR/USD rallies above 1.0800 after soft US Inflation vitalize Fed rate-cut bets for September](https://feedsoft.ai/events/10801-eur-usd-rallies-above-1-0800-after-soft-us-inflation-vitalize-fed-rate-cut-bets.md) | -0.0% | -1.0% |
| DXY | 2024-05-15 | [Dollar swoons after data suggests rate cut in September](https://feedsoft.ai/events/30426-dollar-swoons-after-data-suggests-rate-cut-in-september.md) | -0.4% | +1.6% |
| CORN | 2024-07-31 | ['Need Greater Confidence In Inflation..': US Fed On Possible Rate Cut In September; What It Means For Gold, Dollar?  - Goodreturns](https://feedsoft.ai/events/29146-need-greater-confidence-in-inflation-us-fed-on-possible-rate-cut-in-september.md) | -0.2% | -4.2% |
| CORN | 2025-08-22 | [Commodity Prices Surge As Powell Signals September Fed Rate Cut \| FXEmpire](https://feedsoft.ai/events/23247-commodity-prices-surge-as-powell-signals-september-fed-rate-cut-fxempire.md) | -0.6% | +7.6% |
| CORN | 2021-11-04 | [Nitrogen fertilizer shortage threatens to cut global crop yields -CF Industries \| Reuters](https://feedsoft.ai/events/44339-nitrogen-fertilizer-shortage-threatens-to-cut-global-crop-yields-cf-industries.md) | +3.7% | +0.1% |

## Sources

- reuters.com: https://www.reuters.com/markets/us/view-fomc-does-not-change-rates-sets-stage-september-cut-2024-07-31/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.