On the Radar
Fed Announces Another Interest Rate Cut
Federal Reserve Chairman Jerome Powell announced Wednesday that the central bank’s board of governors voted 7-3 in favor of lowering the federal funds rate by 0.25% to a new target range of 1.75% to 2%, the first time in 2019 the rate will be at or below 2%.
The Fed’s second rate cut of the year is the same size as the first cut, which was announced in July and similarly enacted out of concern about global trade uncertainty that’s weighing on an otherwise strong U.S. economy.
In a press conference, Powell said that if the economy weakens the Fed may embark on a “sequence” of interest rate cuts, but that it’s not necessary at the moment: “If the economy does turn down, then a more extensive sequence of rate cuts will be appropriate. We don’t see that it. It’s not what we expect.”
Do you support the Fed's decision to cut interest rates?
Blocking Funding Over Border Wall
Senate Democrats on Wednesday blocked a procedural vote that would’ve allowed for the consideration of the upper chamber’s first “minibus” spending package of the year amid an ongoing dispute over the Pentagon’s ability to transfer funds for construction of the border wall.
The House-passed bill was a $982 billion funding package covering defense, health and human services, education, foreign affairs, energy and water, and the legislative branch.
The Senate’s plan was to amend H.R. 2740 to include its versions of the defense and energy & water funding bills. But while the energy & water bill passed the Appropriations Committee last week on a 31-0 vote the defense bill was approved on a party-line 16-15 vote over concerns about the transfer of funds to the border wall.
Do you support or oppose funding for the border wall?
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