President-elect Donald Trump and Federal Reserve Chair Jerome H. Powell.
On Thursday, just days after America elected Donald Trump as its next president, the Federal Reserve cut interest rates by a quarter of a percentage point – to a range of 4.5% to 4.75%. It has been just six weeks since the last rate cut of 50 basis points. Federal Reserve Chair Jerome Powell said rates were still headed down but was noncommittal on the pace, however, this is the second time this year the Fed cut its lending rate, as inflation continues to inch closer to the Fed's target of 2%.
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