Fed Risks Trump’s Fury With Historic Interest Rate Cut
Fed Risks Trump’s Fury With Historic Interest Rate Cut
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Brendan McDermid/ReutersThe Federal Reserve cut its key interest rate by 0.5 per cent Tuesday—thrusting it into the center of a political firestorm.It cut its key borrowing rate from 5.25 to 5.50 per cent to 4.75 to 5 per cent. Markets soared immediately on the cut, the biggest since crisis measures taken in 2008 as the economy collapsed into the Great Recession. But the cut is also the most politically-charged action taken in recent history by the interest-rate setting body—because former Pres. Donald Trump had repeatedly demanded that they keep interest rates stable before the election. He and his aides think a cut in the cost of borrowing would benefit Vice Pres. Kamala Harris’ campaign by convincing people that the economy is strong and reducing concerns over inflation.Read more at The Daily Beast.
https://www.thedailybeast.com/fed-risks-donald-trumps-fury-with-historic-interest-rate-cut
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Brendan McDermid/ReutersThe Federal Reserve cut its key interest rate by 0.5 per cent Tuesday—thrusting it into the center of a political firestorm.It cut its key borrowing rate from 5.25 to 5.50 per cent to 4.75 to 5 per cent. Markets soared immediately on the cut, the biggest since crisis measures taken in 2008 as the economy collapsed into the Great Recession. But the cut is also the most politically-charged action taken in recent history by the interest-rate setting body—because former Pres. Donald Trump had repeatedly demanded that they keep interest rates stable before the election. He and his aides think a cut in the cost of borrowing would benefit Vice Pres. Kamala Harris’ campaign by convincing people that the economy is strong and reducing concerns over inflation.Read more at The Daily Beast.
https://www.thedailybeast.com/fed-risks-donald-trumps-fury-with-historic-interest-rate-cut