Jerome Powell Archives

Federal Reserve cuts its key rate by a quarter-point but envisions fewer reductions next year

WASHINGTON (AP) — The Federal Reserve cut its key interest rate by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, largely because of still-elevated inflation. The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarter-point just twice in 2025, down from their previous estimate in September of four rate cuts. Their new quarterly projections suggest that consumers may not enjoy much lower rates next year for mortgages, auto loans, credit cards and other forms of borrowing.… Continue Reading

Fed Chair Powell says the US economy is in ‘solid shape’ with more rate cuts coming

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy. At their last meeting, Fed officials penciled in two more quarter-point rate cuts to be made at the central bank’s final meetings this year. In remarks Monday before the National Association for Business Economics in Nashville, Tennessee, Powell said the economy and hiring are largely healthy. He emphasized that the Fed is recalibrating its key interest rate, which is now at about 4.8%.… Continue Reading