Federal Reserve cuts rates by 25bp
Powell says effects of Trump’s proposed policies, including tariffs, remain unclear
The US Federal Open Market Committee today (December 18) voted to reduce the federal funds rate by 25 basis points.
The only member who voted against the decision was Beth Hammack, president of the Federal Reserve Bank of Cleveland, who opted to hold.
Fed chair Jerome Powell said the decision had been a close call between a cut and a hold. However, he said the FOMC had decided a cut would be best to help achieve the Fed’s goals of maximum employment and price stability.
The central bank, he said
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