The announcement is welcome news for Americans who have borne the brunt of high prices, Harris said
– The US Federal Reserve cut its key lending rate by half a percentage-point on Wednesday in its first reduction for more than four years, sharply lowering borrowing costs shortly before November's presidential election.
Against this backdrop, Wednesday's large Fed rate cut is probably good news for Democratic presidential candidate and US Vice President Kamala Harris, who is running against Republican former president Donald Trump in the upcoming election. They also penciled in an additional half-point of cuts before the end of this year, and an added percentage-point of cuts in 2025.
"I was a little surprised it was 50 and not 25, but I think the chairman did a nice job of explaining," former Boston Fed president Eric Rosengren told AFP. In updated forecasts published alongside the Fed's rate decision, policymakers' median projections pointed to an unemployment rate of 4.4 percent in the fourth quarter of this year, up from 4.0 percent in the last update in June.Futures traders see a roughly 65-percent chance that the Fed will cut by at least another 75 basis points this year, according to CME Group data.The Fed has a dual mandate from Congress to act independently to tackle both inflation and employment.
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