WASHINGTON, D.C. – Federal Reserve Chairman Jerome Powell announced Wednesday that interest rates will be cut for the third time since July.
Wall Street anticipated such a move, but speculation remains as to whether any more cuts are on the way.
The new Federal Funds Rate, which determines lending rates for consumer loans such as cars and credit cards, now stands at 1.5 to 1.75 percent, a reduction of one-quarter of a percentage point.
Federal Reserve Chairman Jerome Powell said, “Today, we decided to lower the interest rates for the 3rd time this year. We took this step to help keep the U.S. economy strong in the face of global developments, and to provide some insurance against ongoing risks. As I will explain shortly, the policy adjustments we’ve made since last year are providing and will continue to provide meaningful support to the economy. We believe that monetary policy is in a good place.”