Fed­eral Re­serve holds key in­ter­est rate steady de­spite pres­sure from Trump

Lodi News-Sentinel - - BUSINESS -

— De­spite pres­sure from Pres­i­dent Trump to lower bor­row­ing costs, Fed­eral Re­serve of­fi­cials on Wed­nes­day left their key in­ter­est rate un­changed and in­di­cated that they were di­vided on whether there would be rate cuts in the com­ing months. Even though about half of the Fed’s mon­e­tary of­fi­cials see a rate cut later this year, the other half were not yet con­vinced, ac­cord­ing to an up­dated pro­jec­tion is­sued Wed­nes­day. The Fed hasn’t cut its bench­mark rate in more than a decade and, un­til Jan­uary, was on a rate hike cam­paign to fore­stall pos­si­ble over­heat­ing in the U.S. econ­omy.

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