Federal Reserve: No cuts to interest rate
The Federal Reserve announced that it will not cut the interest rate in response to elevated inflation and a slowdown of the labor market.
The decision followed three quarter-point cuts, taking the benchmark rate down to between 3.5% and 3.75% from its peak in 2023, according to a news article from ABC News. Experts cited in the article detailed that raising or lowering the interest rate could come with risks, with raises potentially impacting hiring and cuts worsening inflation. They suggested that the Federal Reserve could still make two cuts later in the year.
Despite the decision, leaders at the Federal Reserve expect the economy to continue growing at a steady pace and the unemployment rate to stabilize.
Read more: ABC News
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