Amid Uncertainty, Fed Embraces Data Dependence

Published on November 12, 2024

In a week with a U.S. presidential election and market volatility, the Federal Reserve cut its policy rate 25 basis points (bps) as expected. Amid this noise and the generally positive messages from recent macro data, Fed Chair Jerome Powell emphasized that downside economic risks had decreased, but the policy rate remains above neutral, suggesting that gradual cuts are still likely to come over time.

Continue reading on website
Other news

The Fed's Challenge

November 12, 2024
The Federal Reserve cut short-term rates by a quarter percentage point last week, like pretty much everyone expected. In addition, the Fed didn’t push back hard against market expectations of another quarter-point cut in mid-December, so unless the economic or financial news changes dramatically by then, expect a repeat at the next meeting.

Department of Labor recovers $863K in wages, damages from 4 California residential care providers that shortchanged minimum, overtime wages

November 12, 2024
SACRAMENTO, CA – More than 700,000 people work to provide essential home health or personal care to older adults, people with disabilities or special needs in California and, despite their dedication to others’ needs, federal investigators find too many industry employers deceptively denying these hard-working people their full and rightful wages under the law. The problem extends to the broader h