The Federal Reserve enacted its second consecutive rate cut, with a 25-basis point drop that brings the federal funds rate range to 4.5% to 4.75%.
The unanimous decision by the central bank’s Federal Open Market Committee follows the September decision for a 50-basis point cut, the first rate drop in nearly four years.
“The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities,” said the Fed in a statement. “The Committee is strongly committed to supporting maximum employment and returning inflation to its 2% objective.”
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Right on Sheila.
Last time I checked the President elect is not able to set the interest rates. Powell the Chair of the Federal Reserve has the major seeming responsibility for that. He said today he will hang on to his job for dear life even though Trump has not asked him to lower the rate or step down. In my opinion, raising the interest rate was never going to control inflation or bring consumer good’s prices back in line, which was created by President Biden’s poor management of his administration.
🎯🎯. Biden Harris Administration was handed an inflation rate just under 2%. Their mishandling of the COVID-19 BS, then the Inflation Reduction Act (can you say oxymoron?) passed, which of course raised inflation to over 9%, which us consumers know, it’s much higher than that🤬
The President, of course, has very limited ability directly to control inflation. The increase in inflation has been worldwide– in response to the pandemic and supply chain disruptions. Most of the world views US success in bringing down the rate with envy. That does not making living with the increased prices any easier.
President-elect Trump says he will “end inflation.” His tariff proposals, however, will make that nearly impossible.
Won’t make much of a difference. DROP THE PRICES!! That or foreclosure