U.S. Federal Reserve cuts interest rate in 2024
The U.S. Federal Reserve has reduced the interest rate by another 50 basis points (bps), reflecting its confidence in maintaining the country's economic strength, according to Azernews.
Federal Reserve Chair Jerome Powell highlighted that the central bank's goal remains to slow inflation without causing a sharp rise in unemployment. "Although the task has not yet been completed, we have made significant progress in this direction," Powell stated.
The recent rate cut is seen as part of the Fed’s strategy to balance labor market stability with moderate economic growth, while aiming to bring inflation down to 2%. According to the Fed's median forecast, the base rate is expected to drop by another 50 bps by the end of 2024, from the current range of 4.75-5% per annum.
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