Federal Reserve cuts interest rates by a quarter point
Source: CNBC
Published Thu, Nov 7 2024 2:00 PM EST Updated 2 Min Ago
The Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to right-size monetary policy.
In a follow-up to Septembers big half percentage point reduction, the Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, or 25 basis points, to a target range of 4.50%-4.75%. The rate sets what banks charge each other for overnight lending but often influences consumer debt instruments such as mortgages, credit cards and auto loans.
Markets had widely expected the move, which was telegraphed both at the September meeting and in follow-up remarks from policymakers since then. The vote was unanimous, unlike the previous move that saw the first no vote from a Fed governor since 2005. This time, Governor Michelle Bowman went along with the decision.
The post-meeting statement reflected a few tweaks in how the Fed views the economy. Among them was an altered view in how it assesses the effort to bring down inflation while supporting the labor market.
Read more: https://www.cnbc.com/2024/11/07/fed-rate-decision-november-2024.html
nitpicked
(812 posts)ruet
(10,072 posts)Just in time for Trump to take credit. JFC!
Festivito
(13,555 posts)nmmi
(118 posts)Yahoo Finance, 11/7/24 349 PM ET
But Powell himself laid down a marker Thursday that he wont be going anywhere, even if Trump tried.
"Not permitted under the law," the central bank chair said Thursday in curt but clear responses to reporters who asked about his views on any legal authorities Trump might have in terms of firing or demoting him or any other top Fed officials.
"No," he said at another point in a press conference on the question of whether he would leave.
More: https://finance.yahoo.com/news/jay-powell-says-donald-trump-couldnt-fire-him-even-if-he-tried-203952244.html
There's a lot more background and some legal interpretations in the article.
I can't post an OP (I need 5 reply posts first), but thought it was worth sharing so I hope it is OK to tack it on to here. The issue of the independence of the Federal Reserve under a Dictator On Day One (DODO) is deeply concerning to me. Powell sure got a lot of public verbal flack from tRump during his first admin.
IronLionZion
(47,022 posts)Obama appointed him to the Federal Reserve board
Powell is a Republican in case anyone forgot.