The Federal Reserve (Fed) is expected to cut interest rates on Wednesday.
The Federal Reserve is expected to cut interest rates on Wednesday. This is a crucial event as it directly affects families and businesses in the United States – but also abroad given the importance of the US as the world’s largest economy. The interest is the price to pay when borrowing money: personal loans, business loans, student loans, credit cards, mortgages,...the amount of interest in all these ultimately depends on the level of the federal funds rate that is set by the Fed.
However, lately, some concerns have emerged regarding the other mandate of the Fed: to promote maximum employment. The US labor market has been red-hot since the reopening from the pandemic, with employers consistently hiring new workers to meet strong demand for goods and services. The US unemployment rate – which measures the number of unemployed people as a percentage of the overall labor force – fell to 3.4% in January 2023, the lowest level in more than five decades.
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