Fed makes post-presidential election rate cut
Chair Powell stresses Trump’s election will have no effect on near term policy; has no plans to resign
The Federal Open Market Committee cut the federal funds rate by 25 basis points on November 7, the US monetary policy decision-making committee’s second post-pandemic reduction in interest rates.
Fed chair Jerome Powell stressed at a press conference that despite a sharp appreciation of the US dollar, a notable shift in US Treasury yields and a rise in US equities following the election of Donald Trump as US president, the election result had no bearing on the FOMC’s November deliberations.
“In
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