Economic News

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Fed cuts .25 from the rate. Two voted to hold steady. One Trumper voted to cut .50

Of course they didn't have current inflation data to guide them so...

Market response appears to be meh.

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finance.yahoo.com
 
BillOfRights said:
I agree they're too chickenshit to show up, but they don't think they made a mistake. They would say "accounts are up". Or they would say the people they voted for lied. Or they would say it's Biden's fault. Or they would say destroying the economy was worth it because they got to shit on minorities.
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You left out, “It was worse under Biden. Trump’s having to fix that mess.”
 
heelinhell said:
Fed cuts .25 from the rate. Two voted to hold steady. One Trumper voted to cut .50

Of course they didn't have current inflation data to guide them so...

Market response appears to be meh.

Loading…

finance.yahoo.com
Click to expand...
Markets jumped a bit by end of the day but no exuberant
 

Fed Cuts Rates Again, Signals It May Be Done for Now​

Three officials dissented in opposite directions. Stalled progress on inflation and a cooling job market made for one of the most divided meetings in years​


🎁 —> https://www.wsj.com/economy/central...5?st=eEPYp4&reflink=desktopwebshare_permalink

“… The Fed voted 9-3 for the reduction on Wednesday, the first time in six years that three officials cast dissents. Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeff Schmid thought the reduction wasn’t warranted, while Fed governor Stephen Miran favored a larger, half-point cut….”

[Its not like dissents are generally some unheard of thing though:

IMG_1688.jpeg
 

Fed Chair Jerome Powell Says U.S. May Be Drastically Overstating Jobs Numbers​

The country could be losing 20,000 jobs a month, Powell said, a concern that was part of the decision to cut interest rates​

🎁 —> https://www.wsj.com/economy/jobs/fe...d?st=sqwfeE&reflink=desktopwebshare_permalink

“… Powell said that Fed staffers believe that federal data could be overestimating job creation by up to 60,000 jobs a month. Given that figures published so far show that the economy has added about 40,000 jobs a month since April, the real number could be something more like a loss of 20,000 jobs a month, Powell said.

“We think there’s an overstatement in these numbers,” Powell said in a press conference following the central bank’s two-day policy meeting.

Published data already show the labor market has slowed significantly this year, down from rapid hiring after the Covid-19 pandemic. This slower pace means big data revisions can more easily reveal the economy is shedding jobs, not adding them.

“It’s a complicated, unusual, and difficult situation, where the labor market is also under pressure, where job creation may actually be negative,” Powell said…”
 
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