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Fed Cuts Rates by Half Percentage Point
Tags: Current Focus, Renewal America, United States, Banks / Insurance, Automobiles, Housing / Real Estate, Capital Markets, The Economy, Inequality / Upward Mobility, Movement for Renewal of America, 2. Cost of Living Action, 3. Income and Wages Fairness, 4. Interest rates on Savings for Retirees, 5. Bringing Jobs and Factories to the US,
The Fed's Jerome Powell makes a half percentage point rate cut that takes the federal funds rate to between 4.75% and 5.00%. 11 of 12 Fed governors supported the decision for a half percentage point rate cut.
Powell said:
"We are committed to maintaining our economy’s strength. This decision reflects our growing confidence that with an appropriate recalibration of our policy stance, strength in the labor market can be maintained.”
This is the US central bank's, the Fed's response to high cost of living concerns in the US. It provides relief to households with credit card balances, and business with variable rate debt. Rates for corporate debt and mortgages had started declining in anticipation of rate cuts.
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