A binging pivot
The Fed’s rate cut in a supposed stable and growing economy only kicks the inflation can farther down the road until after November’s election. How politically expedient
By Greg Maresca —— Bio and Archives--September 27, 2024
American Politics, News | Comments | Back To Full Article
It was one of the most anticipated announcements of Joe Biden’s presidency that was nearly on par with him dropping out of the presidential race and fading to irrelevance.
For the first time since 2020, the Federal Reserve cut interest rates by half a percentage point making the range between 4.75% and 5% with anticipation of more to come.
“The U.S. economy is basically fine,” claimed the chairman of the Federal Reserve, Jerome Powell, who made the cut regardless and seemed unconvinced about anything else. To no surprise, the stock market approved following up with record highs.
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