The Federal Reserve unanimously voted to cut interest rates by 0.25 percentage point on the heels of Donald Trump’s victory in the presidential election. The Thursday decision will bring the benchmark federal-funds rate to a range between 4.5 percent and 4.75 percent, following a half-point cut in September. The central bank raised the rate to
Federal Reserve Chair Jerome Powell said he won’t step down if President-elect Donald Trump, who has previously criticized Powell’s performance, asks him to resign. Speaking at a press conference Thursday to discuss the Fed’s move today to cut its benchmark interest rate by 0.25 percentage points, Powell added that it is not permitted under the
Several other Democratic governors made similar announcements this week. California Gov. Gavin Newsom on Thursday announced he is calling for state lawmakers to convene a special session later this year after President-elect Donald Trump’s victory earlier this week. Newson said the special session will focus on safeguarding the state’s progressive policies around the climate, abortion,
The military ‘will also continue to stand apart from the political arena,’ the secretary of defense said. Secretary of Defense Lloyd Austin said the Pentagon will engage in an orderly transition to the incoming administration of President-elect Donald Trump and that the military won’t be involved in any policies. “As it always has, the U.S.
Democratic lawmakers are pointing fingers within their party for the “mistakes” of Vice President Kamala Harris’s “disastrous campaign,” which ultimately cost her the election, Axios reported. “Will the big-money interests and well-paid consultants who control the Democratic Party learn any real lesson from this disastrous campaign? … Probably not,” Sen. Bernie Sanders (I., Vt.), who caucuses with
Trump ally and former New York Mayor Rudy Giuliani got a tongue lashing Thursday in federal court after missing a deadline to turn over valuables to two election workers he defamed, including one asset, a vintage Mercedes, that he took for a drive to vote in Florida. He owes the women, Ruby Freeman and daughter
The Federal Reserve on Thursday announced its second interest rate cut of 2024, trimming its benchmark rate by 0.25 percentage points amid cooling inflation. The expected move by the U.S. central bank provides additional relief to millions of Americans grappling with high borrowing costs. The Fed cut, half the size of its September reduction, lowers