Fed Cuts Rates For A Third Time This Year

by Daniel Payne · Oct 30th, 2019 4:08 pm

Last Updated Nov 14th, 2019 at 11:14 am

The Federal Reserve on Wednesday cut interest rates for the third time this year, suggesting that the current rate, somewhere between 1.5 and 1.75 percent, may “remain appropriate” for the foreseeable future.

Fed chairman Jerome Powell said at a press conference Wednesday that the institution is predicting moderate growth and mild inflation, rendering the rate cut “appropriate.”

Powell said that there would have to be “a really significant move up in inflation” for the Fed to consider increasing interest rates again.

The stock market rose on the news, with the S&P 500 closing at a record high.

Read more: U.S. third-quarter economic growth tops expectations


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