TheFedhopes it will spur job growth.
Donald Trump has said a cut would help Democrats in the upcoming election.
The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
Federal Reserve Chair Jerome PowellAP Images
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We will continue to make our decision meeting to meeting.
Powell today basically said employment, although still solid, is more of a concern than inflation right now.
The labor market is at a strong pace.
We want to keep it there, Powell said.
Asked if the Feds aggressive move today reflects a need to catch up, Powell said no.
We dont think were behind.
We think we are timely.
She pointed to how the rate cut is important for families and businesses.
Now, prices are going to go down if you think about being able to buy a home.
She also said that it would lower the price of buying a new car or starting a business.
President Joe Biden is expected to address the rate cut in a speech to the Economic Club on Thursday.
