Cheaper borrowing will boost US economy and Kamala Harris's chances of winning the Presidency
US Federal Reserve chair Jerome Powell announces the decision to cut interest rates for the first time in four years
The move was immediately welcomed by Democrats, who called the cut a “big win for families” and believe it willthe election in November. Lower interest rates could encourage businesses to recruit bolstering employment as well as provide a stimulus to the housing market.to cut the Fed’s benchmark interest rate from its current 20-year high of between 5.25 per cent and 5.5 per cent was backed by 11 of the 12 rate setters. The only rate setter to oppose the cut argued for a smaller reduction of 0.
Recent data shows inflation has steadily declined towards its 2 per cent target while unemployment has edged up to 4.2 per cent last month. Its officials indicated that most believe further cuts in the US will take place at its meetings in November and December.
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