No Cut for You

Another Fed meeting, another unchanged key interest rate. 

The Federal Reserve decided to hold interest rates steady for its fifth consecutive meeting on Wednesday, but this time it wasn’t unanimous. Two of the Fed’s seven governors (both appointed by President Trump) voted to lower rates, marking the first double dissension in 30+ years. 

While the U.S. economy fared well last quarter (GDP rose 3% from April to June), Fed Chair Jerome Powell cited long-term tariff uncertainty and “somewhat elevated” inflation for the rate constancy. Trump—who has called for Powell to resign but had a “fairly cordial” meeting with him last week—blasted the central bank following the decision, claiming Powell is “costing our country trillions of dollars.” 

Interest rates will be back on the chopping block in September; right now, it seems that vote could go either way.

Verse to consider whether rates are up, down, or flat… “Each person should do as he has decided in his heart ​— ​not reluctantly or out of compulsion, since God loves a cheerful giver. And God is able to make every grace overflow to you, so that in every way, always having everything you need, you may excel in every good work. As it is written: He distributed freely; he gave to the poor; his righteousness endures forever.”
2 Corinthians 9:7-9 (CSB) (read full passage)