Fed holds interest rates steady — for now
Another clue is that Fed policy makers removed the reference to their monthslong mantra that they will remain "patient" as they monitor incoming data, suggesting they might need to take action in the near future.Sign Up
The statement comes just a day after news broke that White House lawyers earlier this year explored the possibility that Trump could demote Powell, his own appointee, from his role as chairman. The Fed chief cannot be removed entirely from the central bank’s board unless it is “for cause.” St. Louis Fed President Jim Bullard dissented with today’s action, believing that the Fed should have cut rates by a quarter percentage point. The central bank’s target range remains between 2.25 and 2.5 percent.
Seven of 17 committee members think the central bank will need to lower rates by half a percentage point — the equivalent of two standard cuts. One optimistic official still projects a rate increase this year.
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