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    • FOMC cuts rates by a quarter point; Powell says he will refuse to resign if Trump asks
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    FOMC cuts rates by a quarter point; Powell says he will refuse to resign if Trump asks

    Vaseline Posted on

    The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday, preserving flexibility as officials grapple with a cooling labor market and lower inflation.

    Tuesday’s elections did not change the policy trajectory of the Federal Open Market Committee. Officials went ahead with a rate cut, as expected before the vote. The latest decision means the target range for the federal funds rate is now between 4.5% and 4.75%.

    The 25 basis point cut comes after Fed officials cut rates by an aggressive 50 basis points at their previous meeting in September.

    In the weeks following the September meeting, a number of policymakers emphasized that cuts of half a percentage point would not be the norm. They noted that the pace of scaling back high interest rates imposed in the bank’s fight against inflation is “gradual.”

    It was the first meeting of the FOMC since former President Donald Trump’s election victory. Policymakers have repeatedly said the Fed is apolitical and that their calls for interest rates are driven by economic conditions.

    Vaseline
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