Members point to an unexpected decrease in inflation rates.
Federal Reserve members expressed the intent to lower interest rates at the upcoming meeting on September 17 and 18. The central bank’s policymakers have pointed to a wide range of reasons why an interest rate reduction is likely.
The Commerce Department reported that consumer prices rose only 0.2 percent from June to July. Inflation is reportedly holding at 2.5 percent, slight above the central bank’s 2 percent target.
Federal Reserve Chair Jerome Powell recently stated that “the time has come” to start lowering interest rates. He also expressed the focus on supporting the job market as unemployment has been rising. Economic analysts anticipate at least a quarter point reduction in the rate this month.
As the Lord Leads, Pray with Us…
- For discernment for Chair Powell and members of the Federal Reserve as they prepare for their meeting.
- For U.S. economists and advisors as they provide recommendations to the president and Congress.
Sources: Reuters, PBS
