Interest Rate Cuts Now Could Help Workers. But That’s Not Who the Fed Serves.
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Image caption: Federal Reserve Chairman Jerome Powell speaks at a news conference at the William McChesney Martin Jr. Federal Reserve Board Building on July 31, 2024, in Washington, D.C. Image credit: Andrew Harnik / Getty Images. Interview article by ruthout – August 23, 2024.
The Federal Reserve hasn’t changed interest rates since July of last year, after 11 hikes between March 2022 and July 2023 in the hope that higher borrowing costs would slow down consumer and business demand so inflation rates would drop. It kept the benchmark interest rate unchanged in its latest meeting ending July 31, 2024, but Federal Reserve Chair Jerome Powell said that the first rate cut in four years “could be on the table” in September. […]
