Rob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
Federal Reserve officials have begun contemplating cutting interest rates for the first time in the post-pandemic period as their focus shifts from surging inflation to a steadily weakening job market. The Federal Open Market Committee began its two-day meeting Tuesday amid mounting signs that economic growth, while still on seemingly stable footing, is slowing. At 4.1%, the unemployment rate is at its highest level since February 2018, though it is still historically low.
Now, the Fed is signaling that the higher rates have done their job on the inflation front — and that keeping them aflame could lead to unnecessary damage to the rest of the economy. Wall Street traders have signaled for weeks that a September rate cut is a virtual certainty, according to data from the financial services company CME Group. But influential former Fed officials have begun calling for a more rapid timeline.
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