Federal Reserve cuts key interest rate by 25 bps to support economy

Quick Summary:

Officials voted unanimously to lower the federal funds rate to a range of 4.5% to 4.75%.

The US economy powered ahead at a 2.8% annual rate in the third quarter, fueled by a pickup in consumer spending.

Those policies could put upward pressure on prices and long-term interest rates and prompt the Fed to scale back rate reductions in the months ahead.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Federal Reserve US Fed rates US Federal Reserve Interest rate cut US Fed rate hike Fed rates

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 00:58:48 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 551 words

Reading Time: 4 minutes read

Sentences: 23 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23464795

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Main Topics: BusinessFinance

Official Website: business-standard.com

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Year Established: 1975

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News Last Updated: 5 hours ago

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