The Federal Reserve slashed its benchmark interest rate target by half a percentage point on Wednesday. In a press conference following the decision, Fed...
by half a percentage point on Wednesday. In a press conference following the decision, Fed Chairman Jerome Powell argued the central bank was not behind the curve, as some had argued. Rather, he says, this cut was"a sign of our commitment not to get behind."Well, the Federal Reserve making the decision to cut interest rates by 50 basis points fed Chair Powell voicing the rate cut decision should be taken as a sign of the central bank's commitment not to fall behind the curve.
Powell said Powell said the 50 basis point rate cut is a commitment that the FED doesn't fall behind.But that today's decision was looking back at both the August and July Jobs reports. After seeing anecdotal evidence from the beige book that showed weakening in the job market, he said, clearly, job market conditions have cooled but are still at a level that would be considered maximum employment, not declaring a victory on inflation yet.
Jerome Powell Percentage Point Jennifer Schonberger
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