Federal Reserve holds interest rates steady
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 31 January 2024
⏱️ 1 minutes
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Summary
Stocks fall; Federal Reserve says lowering rates too soon runs the risk of more inflation; wages rise in 2023; private sector employment picks up.
Transcript
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| 0:00.0 | This is the Marketplace Minute. |
| 0:03.0 | I'm Justin Ho. |
| 0:05.0 | Stocks closed down after the Federal Reserve announced that it's keeping interest rates where they are. |
| 0:09.0 | The Dow fell 8-tenths percent, the S&P lost one and 6 10 percent, and the NASDAQ dropped 2 and a quarter percent. |
| 0:17.5 | Federal Reserve Chair Jay Powell says it'll likely be appropriate to start cutting interest |
| 0:21.6 | rates at some point this year as long as the economy |
| 0:24.5 | evolves as expected. |
| 0:26.4 | Cutting too soon he said runs the risk of causing more inflation. |
| 0:29.8 | But Powell also said if the Fed waits too long to cut rates, economic activity, and employment could |
| 0:35.1 | suffer. |
| 0:36.1 | Wages rose almost 1% in the fourth quarter, according to the Labor Department. |
| 0:40.6 | They rose more than 4% throughout last year. |
| 0:43.0 | And the private sector added 107,000 jobs in January, |
| 0:47.0 | according to the payroll processing company ADP |
| 0:50.0 | will get the government's official employment tally for January on Friday. |
| 0:54.0 | I'm Justin Ho, with the Marketplace Minute. You're going to. |
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