Federal Reserve Cuts Interest Rates as Economic Growth Continues

According to PANews, the Federal Reserve announced its latest interest rate decision, cutting rates by 25 basis points as expected. The adjustment lowers the target range for the federal funds rate to 4.25%-4.5%. The upper limit of the interest rate is now set at 4.50%, in line with expectations and below the previous level of 4.75%.

The Federal Reserve statement emphasized that recent data point to robust economic growth with some easing in the labor market. While the unemployment rate has risen, it remains relatively low. Inflation is close to target but has shown a slight increase. The committee plans to continue reducing the balance sheet, a decision that has received majority support. However, Beth Hammack opposed the decision, arguing for keeping the rate in the 4.5%-4.75% range. During a press conference, Federal Reserve Chairman Jerome Powell said the institution has no right to own Bitcoin and does not intend to change the law on the issue.