The U.S. Federal Reserve is almost certain to cut interest rates for the first time in more than a decade, delivering a mild jolt to an economy that is facing headwinds from trade disputes and a global slowdown. More here:
WASHINGTON - The U.S. Federal Reserve is almost certain to cut interest rates for the first time in more than a decade on Wednesday, delivering a mild jolt to an economy that is facing headwinds from trade disputes and a global slowdown.
On Tuesday, Trump again called for a large interest rate cut. The Republican president has blamed the Fed under Chairman Jerome Powell for undercutting his administration’s efforts to boost economic growth. The Fed is scheduled to release its rates decision at 2 p.m. EDT at the end of a two-day policy meeting.
Indeed, the decision will likely draw a dissent from one or two policymakers who believe that lowering rates as insurance against a sharp downturn that seems less than imminent could set the stage for an unwanted inflationary surge. And with weak U.S. business investment and inflation that’s running well below the Fed’s 2% annual target, Powell will likely argue that a rate cut will boost the economy’s ability to weather a possible global storm.
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