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.”
;
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.