Jake Johnson is a senior editor and staff writer for Common Dreams.
The top economist at a progressive watchdog organization said Wednesday that the Federal Reserve has supplanted inflation as the greatest danger to the U.S. economy after new data from the Bureau of Labor Statistics showed that the Consumer Price Index fell below 3% last month—the first time it has done so since 2021.
' 'It's past time for the Fed to secure this progress and begin lowering interest rates,' Boyle added. The next official two-day meeting of the Fed's policy-setting panel, the Federal Open Market Committee , is scheduled for September 17-18. After Wednesday's inflation reading, the central bank is widely expected to enact a small rate cut at its September meeting, which will be held less than two months before the presidential election.
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