The Fed cuts interest rates by a quarter point
CNN
The Federal Reserve cut interest rates by a quarter point Thursday on the heels of the US presidential election earlier this week.
The Federal Reserve cut interest rates by a quarter point Thursday on the heels of the US presidential election earlier this week. It’s the second rate cut since the central bank began to lower borrowing costs in September, though the latest cut is smaller. Still, it provides Americans further relief from the high cost of credit cards, auto loans and other debt. Slower inflation and a cooling job market paved the way for Thursday’s decision. More rate cuts are expected in 2025, though how many is up in the air because of the potential impacts of president-elect Donald Trump’s proposed policies, such as tax cuts, deregulation, stiff across-the-board tariffs, and mass deportations. The full scope of those plans, and when they would begin to impact the US economy, is not clear. In order for the Fed to continue cutting, it needs to see that price pressures remain in check and some economists have described the Trump economic agenda as “inflationary” to CNN. Oxford Economics said in an analysis released Wednesday that “the outlook for 2025 doesn’t change appreciably” because it would take time for Trump’s policies to affect the economy, meaning the handful more rate cuts that officials projected in September could still take place next year. Analysts at Nomura, on the other hand, fully expect Trump to follow through with his plans quickly, estimating just one rate cut next year.
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