The Federal Reserve on Wednesday lowered interest rates again in a continued effort to keep the labor market intact, despite objections from several key Fed officials who believe the central bank should be prioritizing the higher cost of living instead.
However, it may be the last rate cut for a while.
In a post-meeting news conference, Chair Jerome Powell said additional rate cuts will be tougher to justify, frequently stressing that central bankers have now lowered rates three times this year.
“We are well positioned to wait to see how the economy evolves,” Powell said.
A majority of policymakers voted to lower the benchmark lending rate by a quarter point for the third consecutive time, to a range of between 3.5% to 3.75%, the lowest in more than three years.
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