U.S. Federal Reserve Cuts Interest Rate In 2024
Date
10/1/2024 7:13:06 PM
(MENAFN- AzerNews)
The U.S. federal Reserve has reduced the interest rate by
another 50 basis points (bps), reflecting its confidence in
maintaining the country's economic strength, according to
Azernews .
Federal Reserve Chair Jerome Powell highlighted that the central
bank's goal remains to slow inflation without causing a sharp rise
in unemployment. "Although the task has not yet been completed, we
have made significant progress in this direction," Powell
stated.
The recent rate cut is seen as part of the Fed's strategy to
balance labor market stability with moderate economic growth, while
aiming to bring inflation down to 2%. According to the Fed's median
forecast, the base rate is expected to drop by another 50 bps by
the end of 2024, from the current range of 4.75-5% per annum.
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