US Federal Reserve Lowers Federal Funds Rate
• The US Federal Reserve has cut the target range for the federal funds rate by 25 basis points to 4 to 4.25 per cent after holding steady for nine months.
• Stephen Miran, a Trump appointee, advocated for a more aggressive rate cut of 50 basis points.
• The decision indicates further policy easing is on the cards, with the possibility of multiple rate cuts this year.
• Recent data indicates inflation remains higher than expected, complicating the policy matrix.
• The Fed has raised its inflation projection for next year to 2.6%, up from 2.4% earlier.
• The decision to lower interest rates comes against increasing attacks on the central bank’s independence by Trump, who has been vocal about the path of monetary policy and tried to fire Fed Governor Lisa Cook.
US Federal Funds Rate is important topic for Civil service exam (WBCS).
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