Chair Jerome Powell announced an Interest Rate cut for the First Time Since the 2008 financial crisis. Following the announcement, he took several questions from reporters. This is 45 minutes. Good afternoon and welcome. Today to lower the target for the federal funds rate by a quarter of a ofcentage point to arrange two and a quarter percent. The outlook for the u. S. Economy remains favorable in this action is designed to support that outlook. Againsttended to ensure Downside Risk, to help offset the effects these factors are andng the on the economy to promote a faster return of inflation to our symmetric 2 objective. All of these objectives will support achievement of our overall goal, to sustain for the benefit of the american people. We also decided to conclude the runoff of our securities portfolio rather than and september as previously planned. In september as previously planned. I will discuss the thinking behind todays Interest Rate reduction and then turn to the path forwar
The outlook for the u. S. Economy remains terrible, and this action is designed to support the outlook. From weak Global Growth and to promote a faster return of inflation to our symmetric 2 objective. Objectives will support achievement of our overall goal, to sustain for the benefit of the american people. Conclude theed to runoff of our securities portfolio rather than and september as previously planned. I will discuss the thinking behind todays Interest Rate reduction and then turn to the path forward. As the year began, both the economy and Monetary Policy were in a good place. Below 4 ,oyment rate inflation had been running there are 2 objective for nine months. Our interestrate target was at the low end of estimates for neutral. Over the first half of the year, the economy grew at a healthy pace and job gains pushed unemployment to near a halfcentury low. We just have been rising for lower paying jobs. People who live and work and lower income communities telling us that many w
Of course, so i think we are a long way from that. Digital currencies are in their infancy. So essentially, not too concerned about, you know, the Central Banks no longer being able to carry out Monetary Policy because of crypto currencies or digital currencies. You know, facebook, i believe, has made quite broad rounds around the world, really, with regulator regulators, supervisors and lots of people to discuss their plans and that certainly includes us. And its something we are looking at. We meet with a broad range of private sector firms all the time on Financial Technology and theres just a tremendous amount of innovation going on out there. The potential benefits here, there are also potential risks, particularly of a currency that could, you know, could potentially have large application. So i would echo what Governor Carney said which is we will wind up having quite High Expectations from a sort of safety and soundness and regulatory standpoint if they do decide to go forward
Today are jerry fogel, who is chairman of the Jackson County Republican Party, the boy wonder chair of the Jackson County Republican Party of 1976 and part of the Host Committee for the convention. Besides being chair of the Republican Party in 76 he has worked in the danforth and bond campaigns over the years in senior roles. Part of the america Boy Scout Council and chairman of the Aviation Committee of the Greater Kansas City Chamber of commerce. Steve winn, steve winn has held several writing positions as a he has writtenr, about local education in the kansas city republican library. Kansas city public library. He covered the National Convention. Today he is the Communications Director of the concorde coalition, a Nonpartisan Organization based in washington that promotes responsible federal budget. Calledt be [indiscernible] last but not least is laura luckert. On thisbeen working National Convention exhibit. She was a sophomore at the university of kansas in 1976. She has degrees
Saying the states rape shield law protects the rape shield means for every victim of a violent sexual crime that if the defendant chooses to file an appeal, then all that information is there for everyone to see. We believe that it was the right thing Hampshire Supreme Court to stay in line with the other 49 states and protect this victims rights. The Attorney Generals Office said it had no comment on the ruling, but governor hassan released a statement in support of the decision. We also reached out to Seth Mazzaglias attorney and we did not hear back. Kristen carosa, wmur news 9. Tom right now federal investigators trying to figure out why a commuter train slammed into a new jersey station in hoe broken at the height of the one person killed. Ray joins with us the latest developments. Reporter ntsb officials are now here at that train station, now they will begin the pain staking process of trying to determine how and why this fatal crash occurred. This video shows the moments just a