Welcome! Login | Register
 

Worcester Police Officer and Local Boy Drown in Accident, and in Braintree 2 Police Shot, K-9 Killed—Worcester Police Officer and Local Boy Drown in…

Person of Interest Named in Molly Bish Case By Worcester County DA—Person of Interest Named in Molly Bish Case…

Bravehearts Escape Nashua With a Win, 9th Inning Controversy—Bravehearts Escape Nashua With a Win, 9th Inning…

Worcester Regional Research Bureau Announces Recipients of 2021 Awards—Worcester Regional Research Bureau Announces Recipients of 2021…

16 Year Old Shot, Worcester Police Detectives Investigating Shooting at Crompton Park—16 Year Old Shot, Worcester Police Detectives Investigating…

Feds Charge Former MA Pizzeria Owner With PPP Fraud - Allegedly Used Loan to Purchase Alpaca Farm—Feds Charge Former MA Pizzeria Owner With PPP…

Facebook’s independent Oversight Board on Wednesday announced it has ruled in favor of upholding the—Trump's Facebook Suspension Upheld

Patriots’ Kraft Buys Hamptons Beach House for $43 Million, According to Reports—Patriots’ Kraft Buys Hamptons Beach House for $43…

Clark Alum Donates $6M to Support Arts and Music Initiatives—Clark Alum Donates $6M to Support Arts and…

CVS & Walgreens Have Wasted Nearly 130,000 Vaccine Doses, According to Report—CVS & Walgreens Have Wasted Nearly 130,000 Vaccine…

 
 

NEW: Federal Reserve Cuts Rates for 2nd Time Since July

Wednesday, September 18, 2019

 

Federal Reserve Chair Jerome Powell

The Federal Reserve cut U.S. interest rates by 25 basis points to a range of 1.75 to 2 percent, according to the Financial Times.

This marks the second time since July that rates have been cut.

“Jay Powell and the Federal Reserve fail again. No guts, no sense, no vision. A terrible communicator,” said President Donald Trump in a tweet on Wednesday afternoon.

Read the Federal Reserve's Statement Below

Information received since the Federal Open Market Committee met in July indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports have weakened. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-3/4 to 2 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain. As the Committee contemplates the future path of the target range for the federal funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair, John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Charles L. Evans; and Randal K. Quarles. Voting against the action were James Bullard, who preferred at this meeting to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent; and Esther L. George and Eric S. Rosengren, who preferred to maintain the target range at 2 percent to 2-1/4 percent.

Implementation Note issued September 18, 2019. 

 

Related Articles

 

Enjoy this post? Share it with others.

 
Delivered Free Every
Day to Your Inbox