Dec. 10 (UPI) -- The Federal Reserve is expected to slash the benchmark interest rate to boost hiring on Wednesday despite rare public disagreement among policymakers, experts say.
The Federal Open Market Committee will likely agree to its third-straight cut by a quarter percentage point, bringing interest rates down to 3.5% to 3.75%. And just as in the past two rate cuts, the decision isn't expected to be unanimous, NPR reported.
Lowering federal interest rates will make car payments and credit card payments a little cheaper, boosting spending during a hiring slump. However, doing so threatens to worsen inflation, which has been on the rise.
Federal Reserve Chairman Jerome Powell, speaking at a news conference in October, warned, "we have one tool" when it comes to fixing employment and inflation woes.
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