The Federal Reserve is expected to cut interest rates for the first in 10 years on Wednesday, and the market seems to be shrugging it off.
The Federal Reserve is expected to cut interest rates for the first in 10 years on Wednesday, and the market appears to be shrugging it off.
"It'll be a small cut, it's anticipated, so it's already factored into longer-term interest rates like mortgage rates and auto loans," Michael Feroli, chief U.S. economist at JPMorgan, told ABC News."The change is already reflected. There may be a small change in things like a money market fund or CD deposits."
Feroli also dismissed the notion that Federal Reserve Chairman Jerome Powell is caving into pressure from President Donald Trump to lower rates. Trump has been critical of Powell's moves in the past."In May and June they [the Fed] got scared on potential fallout from the trade stuff, and talked themselves into a corner," Feroli said, referring to an escalation in tensions in the ongoing trad negotiations between the U.S. and China.
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