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Federal Reserve Chairman Jerome Powell delivered a speech on monetary policy to business leaders in the Dallas-Fort Worth area on Thursday. Powell delivered a speech, followed by a question-and-answer session.
A week ago, policymakers voted again to cut key interest rates by a quarter of a percentage point, or 25 basis points. The federal funds rate was cut by half a percentage point in September, keeping the federal funds rate between 4.5% and 4.75%.
However, economic data this week showed that inflation has proven to be sticky, with consumer price inflation at 2.6% and wholesale price inflation at 2.4%. These measures, which exclude food and energy costs, are much higher for core inflation.
Markets expect the Fed to cut interest rates again in December and then potentially skip its January meeting as officials assess the effectiveness of policy easing so far.
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