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Fed chair Powell: ‘The time has come’ for interest rate cuts (www.washingtonpost.com)

submitted 2 months ago by [email protected] to c/[email protected]

10 comments fedilink hide all child comments

The Federal Reserve is ready to cut interest rates, confident that inflation is easing to normal levels and wary of any more slowing in the job market.

“The time has come for policy to adjust,” Fed Chair Jerome H. Powell said Friday, in his most anticipated speech of the year. “The direction of travel is clear.”

Powell did not specify a timeline, or forecast how much Fed leaders were preparing to lower rates. But his remarks came as close as possible to teeing up a cut at the Fed’s next policy meeting in mid-September. Rates currently sit between 5.25 and 5.5 percent, where they have remained since July 2023. The open question now is whether officials will opt for a more aggressive cut next month — a half-point instead of a more typical quarter-point.

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[–] [email protected] 2 points 2 months ago (3 children)

Not seeing this being voted on.

[–] [email protected] 6 points 2 months ago (2 children)

Who would vote on it? The Fed can just do it unilaterally.

[–] [email protected] 2 points 2 months ago* (last edited 2 months ago) (1 children)

All members of the Fed have a vote, don’t they?

[–] [email protected] 3 points 2 months ago

Oh, you very well may be right there. I thought you meant a congressional vote.