The Federal Reserve cut interest rates by a quarter of a percentage point, the second cut since July. The cut reinforces Fed Chairman Jerome Powell’s statement that policymakers will do whatever is necessary to prevent a recession, according to CNN. Trump, who has criticized Powell in the past and pushed him to cut interest rates to zero, tweeted his displeasure. “Jay Powell and the Federal Reserve Fail Again,” he wrote. “No ‘guts,’ no sense, no vision! A terrible communicator!” The Dow fell more than 150 points following the Fed’s announcement.
Rates will now hover between 1.75 percent and 2 percent, affecting mortgages, credit cards, and other borrowing. Three officials disagreed with the decision, including Boston Fed President Eric Rosengren and Kansas City Fed President Esther George, who both said the U.S. economy isn’t in need of an extra boost, according to CNN. St. Louis Fed President James Bullard favored an even deeper cut.
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