The worthless federal reserve has cut short term interest rates by 25 basis points, range is now 2.0-2.25%. These cuts came two months earlier than first expected and also signaled the possibility for cuts in the near future. Corrupt bastard Jerome Powell is obviously feeling the heat and desperately wants to keep power as Chairman of the Federal Reserve.
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The Federal Reserve lowered its benchmark rate by a quarter-point Wednesday as an insurance policy not against what’s wrong with the economy now, but what could go wrong in the future.
Amid President Donald Trump’s intense political pressure and persistent market expectations, the policymaking Federal Open Market Committee dropped the target range for its overnight lending rate to 2% to 2.25%, or 25 basis points from the previous level.
In approving the cut, the FOMC cited “implications of global developments for the economic outlook as well as muted inflation pressures.” The committee called the current state of growth “moderate” and the labor market “strong,” but decided to loosen policy anyway.
The rate is tied to most forms of consumer debt and is likely to almost immediately have an impact on lowering credit costs.
The Fed also left the door open to future cuts, saying it will “act as appropriate to sustain the expansion” as it continues to evaluate the incoming data