Alongside everyone else, manufacturers were quick to respond to the US Federal Reserve’s announcement last week that it would be lowering its target rate by a half a percentage point, from 5.25-5.5% to 4.75-5%. Unsurprisingly, stakeholders in the US manufacturing sector greeted the larger-than-expected rate cut as welcome news, though the consensus seems to be that manufacturing activity will still remain subdued for the remainder of 2024.