Donald Trump · Federal Reserve (FED) · Kevin Warsh · US Congress · NBC News Tech
Fed expected to hold interest rates steady as inflation tops midterm voters’ concerns
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The Federal Reserve is meeting in Washington this week, when it will consider whether to raise interest rates in an effort to tamp down on inflation.
Key facts
- Inflation figures for September, released this month, underscored Warsh’s point, with the annual inflation rate rising to 3.7% from 3.4% the previous month
- The most recent NBC News poll found Trump’s approval rating at 27% for his handling of the cost of living and 29% for his handling of the war with Iran
- Inflation remains above our goal,” Michelle Bowman, the Fed’s vice chair for supervision, said Oct. 14
- The Fed last raised rates by a quarter of a percentage point in September after a string of monthly inflation readings well above its target of 2% and no signs that prices were coming down anytime
Summary
The meetings come at a moment when rising prices are shaping large parts of the U.S. economy and inflation is set to play a key role in next Tuesday’s midterm elections. Yet members of the bank’s interest rate-setting committee are widely expected to keep benchmark rates steady this month. There are several reasons the Fed is unlikely to move on rates Wednesday. “Inflation remains above our goal,” Michelle Bowman, the Fed’s vice chair for supervision, said Oct. 14.