Fed meeting summary: Wall Street reacts to a quarter-point rate cut
Investing.com -- The Federal Reserve on Thursday reduced its benchmark interest rate by 25 basis points, as widely anticipated, moving it to a new range of 4.50% to 4.75%. This adjustment will modestly ease borrowing costs on credit cards, loans, and auto financing.
At a press briefing, when asked about how Trump’s election might influence future Fed policy, Chair Jerome Powell stated that"in the near term, the election will have no effects on our decisions." He stated that the Fed will keep analyzing economic data to determine the “pace and destination” of interest rate adjustments, as policymakers work to recalibrate the current restrictive monetary policy. This shift reflects the significant slowdown in inflation over the past year, now approaching the Fed’s 2% target.
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