Federal Reserve cuts key interest rate; Powell won’t resign if asked by Trump

Quick Summary:

WASHINGTON—The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week.

Trump’s plan to impose at least a 10 percent tariff on all imports, as well as significantly higher taxes on Chinese goods, and to carry out a mass deportation of undocumented immigrants would almost certainly boost inflation.

Broader interest rates have risen because investors are anticipating higher inflation, larger federal budget deficits, and faster economic growth under President-elect Trump.

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Author / Journalist: Christopher Rugaber | AP Economics Writer

Category: BusinessStartups

Markets: PhilippinesMexico

Topics: Trump Percent Fed’s Election Rate Cuts Powell Economy Inflation September Trump’s

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 14:04:56 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1122 words

Reading Time: 7 minutes read

Sentences: 37 lines

Sentence Length: 31 words per sentence (average)

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

Copyright Owner: © Business Mirror

News ID: 23470641

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