17 FOMC Members Favored at Least Three Rate Cuts, Says Powell
CryptoNewsTerminal Staff18 Sep, 2024
17 FOMC Members Favored at Least Three Rate Cuts, Says Powell
Federal Reserve Chairman Jerome Powell revealed at a press conference following the Federal Open Market Committee (FOMC) meeting that "17 of 19 FOMC participants judged that it would be appropriate to lower the target range for the federal funds rate by 25 basis points today, and 11 judged that it would be appropriate to lower the target range by 50 basis points." Powell emphasized that "with inflation well below our 2% objective and unemployment rising, we judged that the case for lowering the target range for the federal funds rate has strengthened." He added that "a few participants expressed the view that a somewhat larger decrease in the target range might be warranted." Powell stressed the importance of acting promptly to address the economic challenges the U.S. is facing. "Delay in lowering the target range could eventually lead either to an unwelcome fall in inflation below our objective or to an unnecessarily high level of unemployment."
