The Federal Reserve cut the fed funds rate by 25 basis points following intense discussion between divided Federal Open Market Committee members. The outlook for the US economy is mixed –unemployment is low and consumption solid, though concerns remain about a slowdown in manufacturing and the negative effects on investment of trade tensions. Mark Sobel, US chairman of OMFIF, is joined by Don Kohn, member of the Bank of England’s Financial Policy Committee and member of the Fed board of governors between 2002-10, and Bill Papadakis, macro strategist at Banque Lombard Odier & Cie, to discuss the Fed decision and the outlook for the US economy and monetary policy.