Federal Reserve bank buildingEven though the rate cut from the Fed is small, it has loftygoals.

Borrowers will be rejoicing; savers, not so much. Even though the rate cutfrom the Fed is small, it has lofty goals—to head off aslowing economy and potential job losses that would likely affectthose at the lower end of the pay scale far more than it wouldthose at the higher end.

According to a New York Times report, while the Fed has engaged in a seriesof rate increases to try to keep the job market hot but theinflation rate cool, it’s been under pressure of late from theWhite House to take interest rates in the opposite direction.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.