Chairman says, “I really want to turn this job over to whoever replaces me with the economy in really good shape.”
The Federal Reserve Board met this week and decided to reduce interest rates by another quarter of a point, the third consecutive month they have voted to do so. The cut brings interest rates to 3.5 percent and 3.75 percent, the lowest they have been in three years.
Some Federal Reserve members opposed another rate cut, while others advocated for a larger one. The reduction shows that the central bank’s concern over employment outweighs the status of inflation.
The Federal Reserve stated, “Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up through September. More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated.”
Chairman Jerome Powell’s term will end in May and President Trump is expected to name his successor in January. Chairman Powell said, “I really want to turn this job over to whoever replaces me with the economy in really good shape. I want inflation to be back down to 2% and I want the labor market to be strong — that’s what I want. All of my efforts are to get to that place.”
As the Lord Leads, Pray with Us…
- For Chairman Powell to be discerning as he presides over the central bank through May.
- For wisdom for President Trump as he considers whom to nominate as the Federal Reserve chair.
Sources: Townhall, Business Insider
