US central bankers slashed their key lending rate by a quarter of a percentage point as they seek to keep the US economy on solid footing in the aftermath of Donald Trump’s blowout election victory.
As the Federal Reserve disclosed the widely expected rate cut — its latest attempt to prop up the US job market while tamping down inflation — the central bank said it believes “the risks to achieving its employment and inflation goals are roughly in balance.”
The Fed’s Open Market Committee, however, removed a line from its previous statement saying it has “greater confidence” that inflation is moving sustainably toward its long-term target of 2%. The committee added that it believes it has “made progress” toward its inflation goal.
Read more at https://nypost.com/2024/11/07/business/fed-cuts-interest-rates-quarter-of-a-point-after-trump-election-victory/
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