U.S. Vice President Kamala Harris in Milwaukee, Wisconsin, U.S. August 20, 2024 and former U.S. President Donald Trump in Bedminster, New Jersey, U.S., August 15, 2024 are seen in a combination of file photographs.
Federal Reserve Chair Jerome Powell suggested that Wednesday's larger-than-expected interest rate cut may have a limited effect on the presidential race between Vice President Kamala Harris and Donald Trump, because the decision's impacts will ripple into the economy slowly.
"The things that we do really affect economic conditions for the most part with a lag," Powell said at his press conference, responding to a reporter's question about timing the long-awaited rate cut, just 48 days until the Nov. 5 election.
Though the cut comes in the final sprint of the Trump-Harris race, Powell ensured that the Fed made its decision with a focus on consumer interests and without "any other filters."
"This is my fourth presidential election at the Fed and it's always the same," Powell said.
Persons:
Kamala Harris, Donald Trump, Jerome Powell, Powell, Harris, it's, We're, what's
Organizations:
Fed, Wednesday, Trump
Locations:
Milwaukee , Wisconsin, U.S, Bedminster , New Jersey