Reported about 2 months ago
The Federal Reserve, led by Chair Jay Powell, has announced a forthcoming interest rate cut, marking a significant shift in policy after a year of high inflation and multiple rate hikes. This decision, following a prolonged period of inflation peaking at 9% in mid-2022, aims to improve consumer sentiment as the November elections approach. While this could benefit Vice President Kamala Harris in her presidential run, the timing may not aid President Biden's approval ratings or re-election prospects. The Fed will make its first cut during its next meeting on September 17.
Source: YAHOO