WASHINGTON, D.C. — The US Federal Reserve's (Fed) decision to cut interest rates by half a percentage point gives consumers a much-needed psychological boost ahead of November's presidential election.
WASHINGTON, D.C. — The US Federal Reserve's decision to cut interest rates by half a percentage point gives consumers a much-needed psychological boost ahead of November's presidential election.Analysts expect any economic impact of the first rate cut for four years to be modest, and some see it as having only a marginal impact on voting.
ConfidenceVoters have consistently named the economy as their top concern.In a close election like 2024, 'rate cuts at the margin help Vice President Harris,' Oxford Economics senior economist Nancy Vanden Houten told Agence France-Presse .Rate cuts typically lower borrowing rates over time, putting more money in consumers' pockets, which in turn fuels demand in the economy.But this takes time — something Harris doesn't have, given the election is less than seven weeks away.
Cut Could Lift US Consumer Spirits
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