Video: Federal Reserve cuts its key interest rate by a quarter-point amid postelection uncertainty
Nov 7, 2024, 5:41 PM | Updated: 6:39 pm
The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week.
The rate cut follows a larger half-point reduction in September, and it reflects the Fed’s renewed focus on supporting the job market as well as fighting inflation, which now barely exceeds the central bank’s 2% target.
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