Fed cuts its key rate by a quarter-point but envisions fewer reductions in 2025

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WASHINGTON—The Federal Reserve cut its key interest rate Wednesday by a quarter-point—its third cut this year—but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, mostly because of still-elevated inflation.

Uruci noted that Powell said the Fed’s decision Wednesday to reduce its benchmark rate by a quarter-point was a “closer call,” indicating that there was opposition to the move.

One—Beth Hammack, head of the Federal Reserve Bank of Cleveland—voted against the rate cut because she favored keeping rates unchanged.“The committee might be quite divided at this point,” Uruci said.“And we have a growing hawkish contingent.

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Author / Journalist: Christopher Rugaber | AP Economics Writer

Category: BusinessStartups

Markets: Philippines

Topics: Powell Percent Policymakers 2025 Inflation Economy Rates Rate Year Fed’s Cuts

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-19 @ 12:03:27 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1098 words

Reading Time: 7 minutes read

Sentences: 42 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Business Mirror

News ID: 24548411

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