Federal Reserve to announce interest rate decision following Trump's election victory
abc7.com — November 7, 2024, 02:01 PM UTC
The Federal Reserve will announce its interest rate decision on Thursday, shortly after Donald Trump was elected President. In September, the Fed cut rates by half a percentage point, easing the burden on borrowers.
Market expectations suggest another quarter-point cut is likely. The Fed has been reducing rates to combat inflation, which has significantly decreased from its peak of about 9% in 2022.
Following Trump's victory, the stock market surged, with the Dow Jones rising over 1,300 points. This reflects investor optimism, although the Fed maintains its focus on economic conditions rather than political events.
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