Inflation report: Why federal interest rate cuts could be coming soon

Published: Sep 12, 2024 Duration: 00:01:56 Category: News & Politics
Tags : news money local ] national [ economy
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All right, we're back with the news you can use this week's report from the US Labor Department shows that year over year price increases reached a three year low. Retired business professor Peter Shaw joins us in the studio this afternoon to tell us a little bit more about what this report means and about our pockets, our wallets because it's been a little tough over the last few years. Well, we have some good news. Uh, the good news is the inflation rate in June of 2022 is 9.1% now coming at 2.5%. 2.5. Yeah, it's good news and it's getting closer and closer to the Fed's 2% target which opens the door for the FED this month to cut interest rates by at least a quarter point. It is believed though between now and the end of the year. If inflation continues to drop, they'll cut another cut maybe two and then going into next year, they'll continue with a series of cuts. That's relief for consumers because interest rates will be coming down. That also signals that you're gonna see mortgage rates coming down which is important. Yes. As a matter of fact, last October they were 7.8%. Uh, as of yesterday, there were 6.2. Ok. And we can see that going down even more. Absolutely. I, I'm predicting in the late spring you may see it reach the 5% mark and maybe break it and then you're gonna see some serious movement in the real estate markets and they're waiting for the economy to slow down a little bit to be able to make that cut because job market has been really strong. It has. I mean, if you look at our region, our region has an unemployment rate of only 3.5%. The nation's at 4.1. So we're below the region. So we have a very tight labor market, but overall at that 4% range they're in Feds are happy. All right. Well, thank you so much. We're gonna talk more at 530. Ok. So stick around and we're gonna check back in with you and talk more about that rate cut with the Federal Reserve.

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