Central bank expected to stay the course despite a distorted jobs report and unclear path for economic policy
The Federal Reserve is poised to lower its benchmark policy rate by a quarter-point next week, sticking to its course in the face of a distorted jobs report and uncertainty over economic policy beyond Tuesday’s US presidential election. The Federal Open Market Committee will announce its next decision on interest rates two days after polls close, with the results potentially not yet known.
Fed officials have in recent weeks endorsed a gradual reduction in borrowing costs, suggesting a redux of September’s half-point cut is not seen as necessary. But they have yet to provide specificity about what that means in practice. “People have been trying to define the word ‘gradual’. Is it every other meeting? Is it every meeting? I think right now it’s code for not 50 ,” said Esther George, who retired as the Kansas City Fed president in 2023.
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