The recent pickup in inflation has led some economists to postpone their projections for when the Federal Reserve will begin cutting interest rates.
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Signs that inflation is cooling could make it more likely that the Federal Reserve will reduce its key interest rate later this year, which could translate into lower borrowing costs for mortgages, auto loans and credit cards.
The unprecedented move by the Trump administration marks an escalation of the president’s longstanding feud with the central bank’s chair, though Trump denied having any knowledge of an investigation.
The minutes showed that even some Fed officials who supported the rate cut did so with reservations, with some saying they wanted to wait for more data before making any further moves.
But economists caution that persistent and potentially worsening inflation could make a January interest rate cut from the Fed less likely.
Wednesday’s cut reduced the Fed’s key interest rate by a quarter-point, to about 3.6%, the lowest it has been in nearly three years.
The Federal Reserve faces an unusually contentious meeting this week that will test Chair Jerome Powell’s ability to corral the necessary support for a third straight interest rate cut.
Core inflation was muted in September and will bolster the case for a cut to the Federal Reserve’s key interest rate at its next meeting.
Michelle Bowman, the Fed’s vice chair for supervision, said the principles will “sharpen” the central bank’s focus and build “a more effective supervisory framework.”
The differences have been exacerbated by the government shutdown’s interruption of economic data, a particular challenge for a Fed that Chair Jerome Powell has often described as “data dependent.”
Chair Jerome Powell said in a news conference that another rate cut in December was “not a foregone conclusion.”
The names suggest that no matter who is picked, there will likely be big changes coming to the Federal Reserve next year.
The minutes provide insight into how the Fed’s policymakers were thinking last month about inflation, interest rates, and hiring.
Jerome Powell’s approach is in sharp contrast to some members of the Fed’s rate-setting committee who are pushing for faster cuts.
The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. The central bank’s focus has shifted quickly from inflation to jobs, as hiring has ground nearly to a halt in recent months
At this week’s Federal Reserve meeting, the decision it will make on interest rates—usually the main event—is just one of the key unknowns to be resolved when officials gather Tuesday and Wednesday.
Here are where things stand regarding Trump, the Federal Reserve, and its traditional independence.
The case could become a turning point for the 112-year old Federal Reserve, which was designed by Congress to be insulated from day-to-day political influence.
President Trump said in a letter posted on his Truth Social platform that he is removing Cook effective immediately because of allegations that she committed mortgage fraud.
Federal Reserve Chair Jerome Powell opened the door ever so slightly to lowering a key interest rate in the coming months but suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy.
U.S. wholesale inflation surged unexpectedly last month, signaling that the president’s sweeping import taxes are pushing costs up and that higher prices for consumers may be on the way.
