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Fed opts for bigger interest rate cut in first downward revision since pandemic
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National, Washington Examiner

Fed opts for bigger interest rate cut in first downward revision since pandemic

By Zach Halaschak | Washington Examiner The Federal Reserve on Wednesday cut its interest rate target by a half of a percentage point, the first time the central bank has trimmed rates in over four years. After a two-day meeting of its monetary policy committee in Washington, D.C., the Fed announced it would move its rate target to range of 4.75% to 5.00%. Many investors had bet that the Fed would implement a smaller rate cut — an unusual disconnect, as Fed decisions are typically telegraphed long in advance. The rate cut comes after years of near-frantic efforts by the central bank to arrest inflation. Wednesday’s move signals that the Fed sees the inflation threat as over, and now believes the bigger threat is the possibi...
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Federal Reserve to consider first interest rate cut in four years
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Fox Business, National

Federal Reserve to consider first interest rate cut in four years

By Eric Revell | Fox Business The Federal Reserve on Tuesday begins a highly anticipated two-day meeting where policymakers are expected to cut interest rates for the first time in four years as stubborn inflation shows signs of continuing to ease. The Fed's policymaking arm, the Federal Open Market Committee (FOMC), kicks off its meeting on Tuesday and will announce its decision regarding interest rates on Wednesday, when Fed Chair Jerome Powell will also shed light on the central bank's thinking at a press conference. After its last policy meeting in July, the Fed kept its benchmark federal funds rate steady at a 23-year-high range of 5.25% to 5.5% but opened the door to interest rate cuts if inflation continued to ease. Inflation data showed that price growth slowed t...
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Despite expectations to the contrary, Fed holds interest rates steady
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National, THE HILL

Despite expectations to the contrary, Fed holds interest rates steady

By Tobias Burns | The Hill The Federal Reserve held interest rates steady at a range of 5.25 to 5.5 percent Wednesday amid growing speculation that the central bank would start rate cuts later this year. Markets had been expecting the Fed to keep rates where they are as inflation continued to fall over the summer, but not quickly enough to spur the central bank to ease its policy. The CME FedWatch prediction algorithm, which is based on futures contract prices, put the odds of a July rate cut at just 3 percent in the hours before the meeting. Stocks rallied ahead of the decision, with the Dow Jones Industrial Average of big U.S. companies up more than 200 points in morning trading. READ THE FULL STORY AT THE HILL
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Your mortgage payment may drop, if Federal Reserve starts lowering interest rates in September
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National, The Street

Your mortgage payment may drop, if Federal Reserve starts lowering interest rates in September

By Charley Blaine | The Street So, you are scouring websites and newspapers, trying to find that perfect house or condo. But you're worried about one thing.  Where will mortgage rates be when the sale closes? The short answer: Ask the Federal Reserve and Chairman Jerome Powell.  The betting, at least this past week, is the Fed may cut interest rates in September. A different answer is: Follow the 10-year Treasury yield mortgage rates available on the internet. Mortgage rates track Treasury yields.  READ THE FULL STORY AT THE STREET
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Fed holds interest rates at 23-year high as inflation hits plateau
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National, THE HILL

Fed holds interest rates at 23-year high as inflation hits plateau

By TAYLOR GIORNO  | The Hill The Federal Reserve held interest rates at a 23-year high Wednesday as its battle to bring down inflation drags deeper into 2024. The announcement follows a two-day meeting of the central bank’s monetary policy committee, which raised borrowing rates from near zero in March 2022 to a range of 5.25 percent to 5.5 percent as pandemic-induced inflation skyrocketed. While inflation has dropped drastically from its 9 percent peak two years ago, the Fed has expressed concern that the economy is still too hot, the labor market is still too strong and prices are still rising too fast to start cutting rates. READ THE FULL STORY AT THE HILL
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