The Fed cut interest rates by a quarter percentage point as Chairman Jerome Powell has found another way to please nobody. richardbeales1
The U.S. Federal Open Market Committee on July 31 cut its target for the federal funds interest rate by a quarter percentage point, to a range of 2% to 2.25%, following a two-day meeting.
The move was the first reduction in the fed funds target since 2008. Following the financial crisis, the Federal Reserve kept its policy rate near zero until December 2015, and then gradually increased its target range to 2.25%-2.5% in December 2018. On July 30, futures markets implied that investors saw a 77% probability of a quarter-point rate cut and a 23% chance of a half-point reduction, according to CME data.
President Donald Trump has repeatedly criticized the Fed and its chairman, Jerome Powell, suggesting that if interest rates were lower the U.S. economy would be growing faster.
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