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Federal Reserve keeps interest rates steady, inching closer to anticipated rate cut


The Federal Reserve made progress in reducing inflation to its 2% target, indicating a potential interest rate cut for the first time in four years. While job gains have moderated, the Fed is attentive to both stable prices and maximum employment, signaling a shift from focusing solely on inflation. Despite calls for a rate cut to bolster the economy, the Fed kept its key rate at 5.3%, with traders predicting a cut in September. Fed Chair Jerome Powell may provide more guidance in the coming months regarding inflation and interest rates. The Fed’s statement after its June meeting acknowledged progress towards the inflation target, with recent data indicating a cooling trend. The government’s report on rental inflation and wage growth show signs of easing inflationary pressures. Powell maintains the importance of gaining greater confidence in falling inflation before implementing a rate cut, emphasizing the need to avoid a recession while managing inflation. The Fed’s upcoming decision may impact the presidential race, as Republicans have expressed concerns about the timing of a rate cut before the election. Stay tuned for further updates and analysis from the Federal Reserve as they navigate the delicate balance between controlling inflation and supporting economic growth.

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