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The Federal Reserve announced on Wednesday that it would not change its policy interest rate despite increasing political pressure to change course.In a press release, the Federal Reserve declared that job growth and economic expansion have “remained strong” while inflation has only seen “modest progress” towards its 2% target.
“The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals,” the statement read. This comes after the U.S. Bureau of Labor Statistics released its latest inflation CPI inflation figures, showing 3.3% annualized inflation in May. That’s slightly above the 3.4% inflation reading in April, and a notch above what economists were expecting, according toA lower inflation reading was a signal to markets that the Federal Reserve is getting closer to its 2% inflation target, and thus could be more willing to lower its policy interest rate back down to standard levels.
One of those developments was the newly announced pivots from both the Bank of Canada and the European Central Bank, which both lowered their main interest rates by 25 basis points this month, citing an “improved inflation outlook.” Furthermore, U.S. Senator Elizabeth Warren sent a letter to Fed chairman Jerome Powell on Tuesday urging him to lower rates. “Reducing rates will reduce the cost of renting, buying, and building housing, lowering Americans’ single highest monthly expense,” sheBest AI Crypto Coins in 2024: Top 9 Projects to WatchOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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