WASHINGTON — The US Federal Reserve is widely expected to cut interest rates again this week, while votes are being counted in one of the closest-fought presidential races in decades.
Opinion polls show Democratic Vice President Kamala Harris and Republican former president Donald Trump in a dead heat ahead of Election Day on Tuesday.The Fed 's two-day rate meeting begins on Wednesday, and is expected to result in a quarter percentage-point rate cut the following day.
Fed independenceThe US central bank has a dual mandate from Congress to act independently to keep inflation at 2 percent in the long term and to hold the unemployment rate at the lowest sustainable level.Under this division of labor, the Fed tackles monetary policy — primarily by raising and lowering its benchmark interest rate to boost or cut demand in the economy — while Congress and the White House tackle fiscal matters by adjusting tax-and-spend policies.
To Cut Key Rate In Shadow Of Elections
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