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Fed Chief Signals July Interest Rate Cut
Federal Reserve Chairman Jerome Powell, citing low inflation and weaker economic activity worldwide, signals that the central bank is likely to lower interest rates at the end of July.
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Federal Reserve Chairman Jerome Powell, citing low inflation and weaker economic activity worldwide, signals that the central bank is likely to lower interest rates at the end of July.
Powell told a Congressional hearing earlier today that a more buoyant jobs report isn’t enough to offset increasing evidence that global manufacturing, trade and investment are weak. He has faced months of criticism from President Donald Trump, who is eager for a rate cut to help keep the U.S. economy humming.
Wall Street has been bullish that the Fed will soon lower borrowing rates, currently at 2.25%-2.50%, by at least one-quarter point. A reduction would be the bank’s first downward adjustment in its benchmark lending rate in 10 years.
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