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[size=36]The US central bank cuts interest rates and keeps the door open for further cuts[/size]
Economy | 09:13 - 01/08/2019
Follow up - Mawazine News
The Federal Reserve cut interest rates on Wednesday for the first time since 2008, citing concerns about the global economy and weak inflation in the United States.
The US central bank indicated its willingness to further cut borrowing costs if needed.
In a move widely expected in the financial markets, the Federal Reserve cut the benchmark overnight lending rate by a quarter percentage point to a range of 2.00 percent to 2.25 percent.
In a statement at the end of a two-day meeting of the Monetary Policy Committee, the Federal Reserve said it had decided to cut interest rates "in the light of the effects of global developments on the economic outlook, in addition to weak inflationary pressures."
He said he would "continue to monitor" how the information would affect the economy, adding that he would "work in the appropriate way to promote" the growth of the US economy has been going on for a record period.
The interest rate cut sparked opposition from Federal Reserve Chairman Erik Rosengren of Boston and Federal Reserve Chairman Esther George of Kansas City, where the two top officials wanted to keep interest rates unchanged.
The two officials questioned the impact of the rate cut on current growth, the near-50-year unemployment rate and strong household spending.
On the other hand, US President Donald Trump is likely to be disappointed that the central bank did not cut the interest rates it wanted. Trump has repeatedly criticized the Federal Reserve and its chairman, Jerome Powell, for not doing enough to help his administration in its efforts to boost economic growth.
Powell and other Central Bank officials have tried to take a middle course, highlighting risks such as continued uncertainty about global trade, low inflation and a weakening global economy, but reiterated the view that the United States is well on the fundamentals.
The central bank said in its statement that it still sees the labor market as "strong", adding that household spending "has risen." But he pointed out that corporate spending is "weak".
He added that the reduction in interest rates may contribute to the return of inflation to the target level of 2 percent, but there is still cloud of those expectations. The Reserve said that sustained growth of economic activity and a strong labor market are also the most likely outcomes
In a move widely expected in the financial markets, the Federal Reserve cut the benchmark overnight lending rate by a quarter percentage point to a range of 2.00 percent to 2.25 percent.
In a statement at the end of a two-day meeting of the Monetary Policy Committee, the Federal Reserve said it had decided to cut interest rates "in the light of the effects of global developments on the economic outlook, in addition to weak inflationary pressures."
He said he would "continue to monitor" how the information would affect the economy, adding that he would "work in the appropriate way to promote" the growth of the US economy has been going on for a record period.
The interest rate cut sparked opposition from Federal Reserve Chairman Erik Rosengren of Boston and Federal Reserve Chairman Esther George of Kansas City, where the two top officials wanted to keep interest rates unchanged.
The two officials questioned the impact of the rate cut on current growth, the near-50-year unemployment rate and strong household spending.
On the other hand, US President Donald Trump is likely to be disappointed that the central bank did not cut the interest rates it wanted. Trump has repeatedly criticized the Federal Reserve and its chairman, Jerome Powell, for not doing enough to help his administration in its efforts to boost economic growth.
Powell and other Central Bank officials have tried to take a middle course, highlighting risks such as continued uncertainty about global trade, low inflation and a weakening global economy, but reiterated the view that the United States is well on the fundamentals.
The central bank said in its statement that it still sees the labor market as "strong", adding that household spending "has risen." But he pointed out that corporate spending is "weak".
He added that the reduction in interest rates may contribute to the return of inflation to the target level of 2 percent, but there is still cloud of those expectations. The Reserve said that sustained growth of economic activity and a strong labor market are also the most likely outcomes
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