from 21st Century Wire:
The Federal Reserve has moved to cut interest rates by half a percentage point, the first reduction by the central bankers since the beginning of the so-called ‘pandemic’ in 2020 when the bankers cut rates to near zero. This latest move could be viewed as a gamble, as Democrats are now panicking in the run-up to the 2024 Presidential Election – desperate to try and fend off any further increases in unemployment, and yet, prepared to play with fire as low interest rates are likely to drive-up even more inflation.
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“Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee’s 2 percent objective but remains somewhat elevated,” the Fed said in their official press statement.
Currently, the benchmark rate now sits between 4.75 and 5 percent.
Chair Powell answers reporters’ questions at the FOMC press conference on September 18, 2024. https://t.co/siWde1ROZb pic.twitter.com/sH9lk0z5Ok
— Federal Reserve (@federalreserve) September 18, 2024
The Fed’s believes that inflation have been easing back toward normal levels, which they expect to continue.
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