Fri Nov 08 11:27:54 UTC 2024: ## US Fed Expected to Cut Interest Rates Again as Trump Returns to Power
**Washington D.C.** – The Federal Open Market Committee (FOMC) meeting, which began on November 6th, will culminate in a major announcement on November 7th: the Fed’s new benchmark interest rate decision. This meeting marks the first since the US Presidential Elections 2024, where Donald Trump triumphed over Vice President Kamala Harris, reclaiming the White House.
With a 50 basis points rate cut announced in September, the market anticipates a further reduction in rates. Wall Street experts and economists are widely predicting a 25 basis points cut this time, followed by another in December. This expectation is fueled by the weak hiring report released last week and previous statements from US policymakers indicating a more gradual approach to rate cuts.
The FOMC meeting concludes on November 7th, with Fed Chair Jerome Powell scheduled to hold a press conference at 2:30 pm local time (12:30 am IST). The conference will be live-streamed on the YouTube channel of NDTV Profit, the Fed’s official website, and their social media platforms.
The current meeting is the seventh of the year and the first since Trump’s return to the White House. The Fed’s September rate cut, the first since 2020, saw the federal funds rate settle at 4.75% to 5%.
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