The Federal Reserve announced a 25 basis point cut on Thursday, following a half-point cut in September. This move comes just after Donald Trump's recent election win, amid easing inflation that aligns closer to the Fed's 2% target. The cut could offer relief, though significant effects on household budgets may take time. Credit card rates remain elevated, while auto and mortgage rates may also gradually dip. Trump proposed a 10% cap on credit card interest rates, but it would require Congressional approval and face resistance from the banking industry.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Federal Reserve announced a 25 basis point cut on Thursday,
00:06following a half point cut in September. This move comes just after Donald Trump's
00:10recent election win, amid easing inflation on the lines closer to the Fed's 2% target.
00:16The cut could offer relief, though significant efforts on household budgets may take time.
00:21Credit card rates remain elevated, while auto and mortgage rates may also gradually dip.
00:26Trump proposed a 10% cap on credit card interest rates,
00:29but it would require congressional approval and face resistance from the baking industry.