Fed Announces Cut to Federal Interest Rate, Driving Stocks Up
The U.S. Federal Reserve Board on Wednesday announced a slight cut to the federal funds rate, the first cut since March of 2020, when rates were near 0%. Federal Reserve Chair Jerome Powell pointed to good data on the job market like unemployment, labor force participation and fewer job vacancies. The Fed announced a cut of 50 basis points, or half a percentage point, as economists and the market closely watched the news, making the new federal funds range 4.75-5%.
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Show Notes
The U.S. Federal Reserve Board on Wednesday announced a slight cut to the federal funds rate, the first cut since March of 2020, when rates were near 0%. Federal Reserve Chair Jerome Powell pointed to good data on the job market like unemployment, labor force participation and fewer job vacancies. The Fed announced a cut of 50 basis points, or half a percentage point, as economists and the market closely watched the news, making the new federal funds range 4.75-5%.
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Full story: https://www.thecentersquare.com/national/article_4676be98-75e9-11ef-a236-67ec204202ad.html
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