Stocks Rise as Federal Reserve Rates Expected to be Cut | EWTN News Nightly
The chairman of the Federal Reserve says "The time has come for policy to adjust. The direction of travel is clear and the timing and pace of rate cuts will depend on incoming data, involving outlook and the balance of risks." In response to Powell's comments, stocks immediately climbed higher with the expectation of rate cuts. Powell did not indicate when the rate cuts would begin or how large they would be. He added that his confidence has grown that inflation can get back to 2%. Economics Research Fellow with the Mercatus Center at George Mason University, Patrick Horan, joins to share his reaction to the news that the Fed appears set to reduce its key interest rate and what this could mean for the US economy. Horan discusses how a rate cut would impact consumers and if it is cut by a quarter percent, whether that's enough to make an impact.
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