US Fed News LIVE: Powell says Fed 'Strongly Committed' to Independence After Interest Rate Cut |N18G
Fed Chair Jerome Powell said on Wednesday (September 17) the body was "strongly committed" to its independence, after it cut interest rates by a quarter of a percentage point. The cut, the first move by the policy-setting Federal Open Market Committee since December, lowered the policy rate to the 4.00%-4.25% range. Powell said he believes the recent pace of job creation is running below the break-even rate needed to hold the unemployment rate constant, and that with businesses doing very little hiring overall, any increase in layoffs could quickly feed into higher unemployment. Fed officials have gradually warmed to the idea that Trump's tariffs would have only a temporary impact on inflation, and the latest forecasts are consistent with that view.---
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