The Federal Reserve on Wednesday enacted its first interest rate cut since the early days of the Covid pandemic, slicing half a percentage point off benchmark rates in an effort to head off a slowdown in the labor market. Morning Joe economic analyst Steve Rattner breaks down the impact of the cut and why he’s “not sure Trump understands how the Fed makes rate decisions.”
“Rate decisions are made by a committee of 12 people from all over the country, appointed by various presidents, by various local Federal Reserve Banks. It is not Jay Powell's decision... This is the Fed doing its job, not the Fed playing politics."
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