39 sources·Business

Federal Reserve Cuts Rates Amid New Economic Uncertainties Under Trump

The Fed cut interest rates to 4.5%-4.75%, balancing economic signals with uncertainty surrounding Trump's policies.

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Updated: Nov 8th, 2024, 4:03 PM ET

Summary

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The Federal Reserve cut its key interest rate for the second consecutive time, now at 4.5%-4.75%. While future cuts are anticipated, uncertainties surrounding President-elect Trump's ambitious economic agenda, which may include large tax cuts and increased tariffs, could complicate the Fed's monetary strategies, potentially reigniting inflation. Fed Chair Jerome Powell reaffirmed the Fed's independence from political influence, emphasizing the need to respond to economic data rather than speculation. As the economic landscape remains volatile, the Fed's cautious approach will continue amidst Trump's plans that could significantly affect inflation and employment.

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