Federal Reserve set to cut interest rates again as post-election uncertainty grows

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Federal Reserve set to cut interest rates again as post-election uncertainty grows - Business Mirror

Quick Summary:

WASHINGTON—Federal Reserve officials are poised Thursday to reduce their key interest rate for a second straight time, responding to a steady slowdown of the inflation pressures that exasperated many Americans and contributed to Donald Trump’s presidential election victory.

The economy grew at a solid annual rate of just below 3 percent over the past six months, while consumer spending—fueled by higher-income shoppers—rose strongly in the July-September quarter.

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.