Reed: Overdue Interest Rate Cut is Good News for RI Consumers and Businesses
September 18, 2024
September 18, 2024
WASHINGTON, Sept. 18 -- Sen. Jack Reed, D-Rhode Island, issued the following news release:
After the Federal Reserve hiked interest rates eleven times in the wake of the pandemic, the Federal Open Market Committee (FOMC) today announced it would cut their benchmark borrowing rate by half of a percentage point. U.S. Senator Jack Reed, a member of the Senate Committee on Banking, Housing and Urban Affairs, hailed the move as overdue and good for consumers, stating:
" . . .
After the Federal Reserve hiked interest rates eleven times in the wake of the pandemic, the Federal Open Market Committee (FOMC) today announced it would cut their benchmark borrowing rate by half of a percentage point. U.S. Senator Jack Reed, a member of the Senate Committee on Banking, Housing and Urban Affairs, hailed the move as overdue and good for consumers, stating:
" . . .