Wednesday, October 28, 2020

Tag: the Media & Trump. Eight Buckle: Powell Tries to Explain

Two Fed Governors Defy Wall Street, the Media & Trump. Eight Buckle: Powell Tries to Explain, Confusingly Throws “Couple of Rate Hikes” into Mix. Stocks Tank

by Wolf Richter, Wolf Street:

“It is not the beginning of a long series of rate cuts”: Powell.

After seven months of intense pressure by the White House, Wall Street, and the entire media establishment, eight voting members of the FOMC voted to lower the Fed’s target for the federal funds rate by one quarter percentage point to a range between 2.0% and 2.25%. But two members – Kansas City Fed President Esther George and Boston Fed President Eric Rosengren – defied those pressures and voted to maintain the current target.