After Fed’s Rate Cut, ‘They’re Out of Ammo’ to Fight Recession, Say Some [Fortune]
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Source: Fortune
Pinterest There's not much lower they can go. When the Federal Reserve lower short-term rates on Wednesday, it further hobbled its ability to combat the next recession via radical rate chopping. So, as an antidote to bad times, the Fed’s fallback will be to resume its bond buying program. That has limitations, too. The Fed’s main recession-fighting tool has long been lowering the benchmark federal funds rate, which governs short-term rates for things ranging from auto loans to credit card charges. In the past, the average reduction needed to fight a recession was a whopping 5.5 percentage points. Such a bold step is mathematically impossible now. The Federal Open Market Committee, or FOMC, its policymaking arm, just decreased the rate a quarter-point to a 2.0% to 2.25% band, thus not a lot of room exists to cut much more. And if the Fed ends up decreasing the rate another half-point, as many suspect it will, then the central bank has even less to work with. “They’re out of ammo,” said
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