Fed holds off on rate cuts after ‘lack of further progress’ on inflation
==========
The Federal Reserve has voted to keep interest rates at a 23-year high due to a lack of further progress on inflation. The rates will remain at a range of 5.25 percent to 5.5 percent. Inflation readings have ticked up since the start of the year, with prices up 3.5 percent in March from a year ago. The Fed has a dual mandate to keep inflation low and maximize employment, and the FOMC is not yet confident the economy is coming in for a rare 'soft landing' to bring down inflation without triggering a recession. The Fed's high interest rates have exacerbated the housing crisis and pushed household debt to an all-time high. The politically independent Fed has been under pressure from both sides of the aisle as it weighs when and if to cut interest rates.
#Cpi #DonaldTrump #FederalReserve #Inflation #InterestRates #JeromePowell #Jobs #JoeBiden
https://thehill.com/business/4635829-fed-holds-interest-rates-at-23-year-high-as-inflation-rises/
The Hill /
npub1uf…vwj43
2024-05-01 18:57:44
Author Public Key
npub1uf9ht809jfjawes35uqsxnj7hyjqsdyxypewh4d869swy74vldeq0vwj43Published at
2024-05-01 18:57:44Event JSON
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"content": "Fed holds off on rate cuts after ‘lack of further progress’ on inflation\n==========\n\nThe Federal Reserve has voted to keep interest rates at a 23-year high due to a lack of further progress on inflation. The rates will remain at a range of 5.25 percent to 5.5 percent. Inflation readings have ticked up since the start of the year, with prices up 3.5 percent in March from a year ago. The Fed has a dual mandate to keep inflation low and maximize employment, and the FOMC is not yet confident the economy is coming in for a rare 'soft landing' to bring down inflation without triggering a recession. The Fed's high interest rates have exacerbated the housing crisis and pushed household debt to an all-time high. The politically independent Fed has been under pressure from both sides of the aisle as it weighs when and if to cut interest rates.\n\n#Cpi #DonaldTrump #FederalReserve #Inflation #InterestRates #JeromePowell #Jobs #JoeBiden\n\nhttps://thehill.com/business/4635829-fed-holds-interest-rates-at-23-year-high-as-inflation-rises/",
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