The Hill
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Watch live: Federal Reserve expected to announce first interest rate cut in 4 years
Posted
July 31, 2024
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3,073
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July 31, 2024
3,073
59
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45:20Now PlayingFederal Reserve officials are poised to signal the first cut to their key interest rate in four years, marking a major policy shift that could reduce borrowing costs for U.S. consumers and businesses. This comes as their two-year battle against inflation nears its end.
Inflation has been steadily declining towards the Fed’s 2 percent target over the past few months. Meanwhile, the job market has cooled, with the unemployment rate rising by about half a point this year to 4.1 percent. Fed officials aim to balance keeping rates high enough to control inflation without causing a recession by keeping them too high for too long.
Fed Chair Jerome Powell is scheduled to give remarks at 2:30 p.m. EDT.
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