Even though the rate cut from the Fed is small, it has lofty goals.
Borrowers will be rejoicing; savers, not so much. Even though the rate cut from the Fed is small, it has lofty goals—to head off a slowing economy and potential job losses that would likely affect those at the lower end of the pay scale far more than it would those at the higher end.
According to a New York Times report, while the Fed has engaged in a series of rate increases to try to keep the job market hot but the inflation rate cool, it’s been under pressure of late from the White House to take interest rates in the opposite direction.
Its latest action, a rate cut at the beginning of August, is expected to make it easier for consumers and businesses as well to get financing.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
