Day: 18 September 2024

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U.S. cuts interest rate aggressively by 0.50% bringing the Fed rate range to 4.75% – 5.0%

U.S. interest rate

The Federal Open Market Committee (FOMC) has voted to reduce the interest rate by 0.50% after having maintained its benchmark rate within the range of 5.25% to 5.50% since July 2023

The previous rate was the highest seen for 23 years and remained unchanged even though the Fed’s favoured inflation gauge has decreased from 3.3% to 2.5%, and the unemployment rate has climbed from 3.5% to 4.2% during this period.

Following the interest rate cut today, 18th September 2024 of 0.50%, the new rate now stands at 4.75% to 5.0%.

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UK inflation sticks at 2.2% unchanged in August 2024

UK inflation

UK inflation was reported at 2.2% for August 2024, according to the Office for National Statistics (ONS) data released on Wednesday 18th August 2024

The consumer price index (CPI) figure aligned with the forecasts of analysts and remained consistent with July’s inflation rate of 2.2%.

Previously, the headline CPI had stabilised at 2% in both May and June 2024, which met the Bank of England’s target rate.

UK inflation data from the ONS