• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025

EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

May 27, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Thursday, May 29
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025

    Corporate America Retreats From Gay Pride Events Across US Amid Trump DEI Crackdown

    May 24, 2025

    New AI Model Would Rather Ruin Your Life Than Be Turned Off, Researchers Say

    May 23, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Federal Reserve Declines To Cut Rates Yet Again As Americans Wait For Relief
Business

Federal Reserve Declines To Cut Rates Yet Again As Americans Wait For Relief

July 31, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Federal Reserve Chair Jerome Powell Testifies In Senate Banking Hearing
Share
Facebook Twitter LinkedIn Pinterest Email

The Federal Reserve announced on Wednesday that it will not yet cut its benchmark federal funds rate in what is predicted to be the last in a streak of pauses as inflation and debt continues to cripple Americans.

The Fed’s decision not to change interest rates keeps the target in a range of 5.25% to 5.50% and marks the eighth meeting in a row where the Fed chose not to adjust the rate, according to an announcement from the Fed following a meeting by the Federal Open Market Committee (FOMC). The July decision marks the last pause before the Fed is widely expected to cut rates from their 23-year high at the FOMC’s September meeting as the economy eases and inflation is expected to trend slowly toward the Fed’s target.

“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the announcement reads. “In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to returning inflation to its 2 percent objective.”

A majority of investors believe as of Wednesday that the Fed will cut its federal funds range by 0.25% in September and again in November, according to CME Group’s FedWatch Tool. The Fed’s projection for the rest of the year was last updated in June, with a majority of board governors estimating that the rate will end the year at around 5.1%, less optimistic than earlier projections that anticipated three rate cuts by the end of 2024. (RELATED: ‘Runway Must Be Running Out’: Massive Government Spending Propping Up Economic Growth, Experts Say)

Stock marker numbers are displayed at the New York Stock Exchange during morning trading on June 12, 2024 in New York City. (Photo by Michael M. Santiago/Getty Images)

Inflation cooled slightly to 3.0% year-over-year in June compared to 3.3% in May, still stubbornly higher than the Fed’s 2% target. The Consumer Price Index (CPI) has remained above 3% since June 2022, when it peaked at 9% despite resting at 1.4% before President Joe Biden took office in 2021.

See also  Dell raises full-year forecasts on AI strength, demand recovery

High interest rates raise the cost of credit for businesses and tighten operating conditions, weighing down gross domestic product (GDP). First quarter growth in 2024 was revised down to 1.4% from an initial estimate of 1.6% but grew 2.8% in the second quarter, though some economists argue this growth is due largely to increased government spending.

Credit card delinquency rates reached the highest level since 2012 in the first quarter of 2024, with 2.59% of credit card balances more than 60 days overdue and total revolving balances hitting a record $628.6 billion, representing 71.3% of total outstanding balances. The federal fund rate has kept interest rates hiked, averaging above 20%.

Total household debt reached $17.69 trillion in the first quarter of 2024, an increase of $184 billion, according to the New York Fed.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Americans cut Declines federal rates Relief reserve wait
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025

EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

May 27, 2025

Corporate America Retreats From Gay Pride Events Across US Amid Trump DEI Crackdown

May 24, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Gwadar Coal Power Plant: One Step Forward, Two Steps Back

March 16, 2023

“My Son Has Done Nothing Wrong” – Joe Biden Defends Son Hunter as Feds Near Decision Whether to Bring Charges (VIDEO) | The Gateway Pundit

May 6, 2023

Ukraine Should Show Some ‘Gratitude’ to West: UK Defence Secretary

July 14, 2023

Ex-Disney Exec Joins CCP-Linked TikTok To Oversee ‘Brand And Communications’

June 23, 2023
Don't Miss

DeSantis Signs Bill Making Gold And Silver Legal Tender

Business May 28, 2025

Republican Florida Gov. Ron DeSantis signed a bill Tuesday recognizing gold and silver coins as…

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025

EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

May 27, 2025

101 Inspirational August Quotes for a Happy and Positive End to the Summer

May 27, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,134)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Trump Rips Special Grand Jury That Tried To Indict ‘Anybody Who Happened To Be Breathing’

September 8, 2023

Trump Could Be Federally Indicted For His Attempted Coup This Week

July 24, 2023

How the new oral polio vaccine is stacking up

May 26, 2023
Popular Posts

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025

EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

May 27, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.