August 2019

Feds Cut Interest Rates for First Time Since 2008

Fed Chairman Jerome Powell  led the 8-2 vote in favor of  the small interest rate cut. Rates will hover  between 2% and 2.25%. The decision was  made to help the economy  continue its expansion. The cut follows months  of unprecedented  public pressure from  President Donald Trump. Trump has often  criticized Powell  for making "all  the wrong moves.". Chairman Powell stated  that Trump's pressure  did not play a factor in the  decision of the Federal Reserve. He also stated that more  cuts could be in the future,  but a cycle of cuts  would be short-lived.