Federal Reserve Likely to Cut Key Rate Wednesday

The Federal Reserve is expected to cut its key interest rate on October 28th, marking the second cut this year, aiming to support the struggling job market. This move will likely lower mortgage and auto loan rates, benefiting those considering home or car purchases. Despite the ongoing government shutdown, which has delayed crucial economic data, the Fed is proceeding with the rate cut. The shutdown has also affected federal workers, reducing consumer spending and potentially slowing economic growth. The Fed is walking a tightrope, trying to control inflation without further harming the job market. The Daily News Now! - Every city. Every story. AI Powered. Hosted on Acast. See acast.com/privacy for more information.