Fed cuts interest rate - Chairman Powell seeks to restore economic stability before leaving
The Federal Reserve announced a cut in the key interest rate by a quarter of a percentage point, or 25 basis points, bringing the target range to 3.5%–3.75%.
However, the third cut this year was not an easy decision. Some committee members wanted a bigger cut to prevent further weakening of the labor market, while others thought the easing had gone too far and could risk rising inflation.
The Federal Open Market Committee, increasingly divided, made the decision with 9 votes in favor and 3 against.
At the press conference after the decision, Chairman Jerome Powell said it was a “tough decision.” “I could argue for either side,” he told reporters.
Powell added that policymakers are in a good position to "wait and see" how the economy develops. He also stressed that he intends to hand over the job to his successor with the economy in a stable state.
“I want to hand this job over to my successor with the economy in very good shape,” Powell said. “I want inflation to be under control, back toward 2%, and the labor market to remain strong. That’s what I want. And all of my efforts are aimed at achieving that.”
President Donald Trump will begin final interviews this week for the next Fed chairman. The first to be interviewed will be Federal Reserve member Kevin Warsh, while National Economic Council director Kevin Hassett is expected to be interviewed later.
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