Fed official signals December rate cut

By Dilara Zengin Okay

ISTANBUL (AA) - The US Federal Reserve is aiming to lower its policy interest rate in December, an official said Monday.

Speaking at an event, Christopher Waller, a member of the Federal Reserve Board of Governors, said inflation in the country is continuing on a downward path to 2% over the medium term.

"I lean toward supporting a cut to the policy rate at our December meeting,” he added.

Waller said the decision to cut will depend on upcoming figures.

Last month, the Fed reduced interest rates by 25 basis points to a range of 4.5% to 4.75%.

The move was the second rate cut by the central bank in four years, since the beginning of the coronavirus pandemic.

In September, the bank lowered rates by 50 basis points, exceeding expectations.

The annual inflation rate was at 2.6% in October and 2.4% in September.

*Writing and contributions by Gokhan Ergocun from Istanbul