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The Fed cut rates by half a point in September, marking the central bank’s first rate-reduction during a 2 1/2 year battle against inflation in the wake of the COVID-19 pandemic.
Fed Chair Jerome Powell is taking questions from journalists after the central bank held interest rates steady following three consecutive cuts at the end of 2024.
The 30-year fixed-rate mortgage has risen every week since the Fed cut interest rates on Sept. 18, jumping from 6.2 percent to 7 percent in the week that ended on Nov. 7, according to Bankrate data.
Powell, who is expected to serve out the rest of his term, indicated late last year that the Fed will likely reduce rates more slowly in 2025 amid a “new phase.” While 2024 saw…
The Fed has maintained rates at their current level since last August in response to elevated inflation, which proved stickier than expected in its descent over the past two years. Powell is ...
In June, Fed officials saw the fed funds rate peaking at 5.1% in 2024, suggesting just one 25 basis point cut to come this year. But the narrative has shifted quite considerably since that time.
The Fed's final meeting of the year is expected to include a 25 basis points interest rate cut. Key economic data releases this week include US retail sales and November PCE.
In the past week, the Dow Jones Industrial Average broke a 10-day losing streak but recorded a loss of 2.3% for the week. The Nasdaq Composite ( ^IXIC ) shed 1.8%, while the S&P 500 ( ^GSPC ) fell 2%.