Biden to give 'declaration of progress' to economic club after Fed cuts
President Biden is scheduled to speak to the Economic Club of Washington, D.C. on Thursday in which he will make a “declaration of progress,” a day after the Federal Reserve cut interest rates. White House chief of staff Jeff Zients predicted that Biden's speech would be “not a declaration of victory but a declaration of […]
Australian Dollar advances despite Fed caution, awaits PBoC Interest Rate Decision – FXStreet
The Australian dollar rose after new job creation rose more than expected in August. Australian employment change increased by 47.5K in August, beating the consensus forecast of 25.0K. The Federal Reserve's significant interest rate cuts demonstrate its determination to protect the labor market and protect the economy from recession. The Australian Dollar (AUD) has recovered […]
Emboldened Fed lowers interest rates by half-point
The Federal Reserve cut interest rates by 50 basis points on Wednesday, the central bank's first rate cut after a two-and-a-half-year battle with rampant inflation sparked by the pandemic. The new federal funds rate will be 4.75% to 5%, a significant cut that signals the Fed's confidence that the fight against inflation is nearing an […]
The Fed Tied Its Own Hands with Rate Cut Decision
Speaking on Fox Business Network's “Kudlow” show on Wednesday, Breitbart News economics editor John Carney said the Fed should have waited until after the election to cut interest rates, and that announcing a 50 basis point cut now would force the Fed to do the same thing in November. Carney said:[T]They should have waited until […]
Michelle Bowman becomes first Fed governor to dissent since 2005
Federal Reserve Governor Michelle Bowman voted against the Fed's 50 basis point interest rate cut on Wednesday, becoming the first official since 2005 to vote against a Fed interest rate decision. Bowman was the only Fed governor to stand apart from the 11 other voting governors in voting for a half-percentage point cut in the […]
What The Election Means for Fed Policy
What a Trump victory could mean for Fed policy The Federal Reserve's decision on Wednesday to cut interest rates by half a percentage point is widely seen as the start of a cycle of easing monetary policy. The big question is: How will this year's election affect the pace and extent of Fed rate cuts?. […]
Powell pushes back on suggestion Fed got behind in rate cuts
The Federal Reserve cut interest rates by half a percentage point on Wednesday and is expected to cut them by another half a percentage point at its two remaining meetings this year, signaling a faster pace of monetary stimulus than analysts had expected over the summer. The Fed now sees interbank lending rates falling to […]
Fed slashes interest rates by half a percentage point in bid to avert slowdown
The Federal Reserve cut its key lending rate by half a percentage point, at the top end of Wall Street expectations, saying a shaky job market poses a bigger risk to the economy than inflation. But Fed Chairman Jerome Powell said economic observers should not assume the half-point cut represents “a new pace of further […]
Fed might have cut rates at July meeting: Fed Chair Powell
Federal Reserve Chairman Jerome Powell said Wednesday that the central bank might have started cutting interest rates in late July if it had known the labor market would cool so quickly. “If I had received the July report before the meeting, would I have lowered rates? Probably I would have,” Powell said at a news […]
Fed chair Jerome Powell blames influx of illegal migrants for rising unemployment rate
Federal Reserve Chairman Jerome Powell on Wednesday blamed the migrant crisis for rising unemployment in the country after cutting interest rates by half a percentage point for the first time since the early days of the COVID-19 pandemic. “If millions of people join the workforce and 100,000 jobs are created, the unemployment rate is going […]