U.S. Bureau of Labor Statistics employment reports

Fed Unanimously Cuts Rates Again to 4.5%-4.75% After Trump's Election Win

Nov 7, 2024, 07:22 PM

Following Donald Trump's presidential election victory, the Federal Reserve unanimously cut its key interest rate by a quarter-point on Thursday, bringing the benchmark rate to a range of 4.5% to 4.75%. This marks the second consecutive rate cut, following a half-point reduction in September. The decision reflects the Fed's renewed focus on supporting the job market and battling inflation pressures that have exasperated many Americans and contributed to Trump's win. Federal Reserve Chair Jerome Powell addressed the rate cut amid postelection uncertainty, as the new administration's policies may reshape the U.S. economic outlook.