The Federal Reserve said progress was made to lower inflation, suggesting that the central bank is moving closer to cutting its key interest rate for the first time in four years.
The Federal Reserve says progress has been made in reducing inflation to its 2% target, a sign that the central bank may move closer to cutting its key interest rate for the first time in four years.Fed Chair Jerome Powell said Wednesday that if inflation continued to cool, "a rate cut could be on the table in the September meeting," the Associated Press reported.
Three Democratic senators, led by Elizabeth Warren from Massachusetts, urged Powell in a letter to cut interest rates. Citing the letter, the AP noted that a failure to lower borrowing costs soon could suggest the Fed is "giving in to bullying" and would itself be a political move.Last week, the federal government reported that yearly inflation dipped to 2.5% in July, the AP noted, citing the Federal Reserve's preferred inflation measure. This is down from 2.
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