00:11:42.340Now, as far as the voting here, this was actually almost unanimous.
00:11:46.520It was an 11-to-1 vote with Fed Chair Jerome Powell joined by 10 of his colleagues,
00:11:52.420including Fed Governor Lisa Cook, who the president has tried to fire.
00:11:56.480The one dissenter is the Federal Reserve's newest member.
00:12:00.400That's Stephen Myron, the Trump loyalist and White House economist.
00:12:04.300Not surprisingly, he was in favor of a bigger cut of half of a percentage point.
00:12:09.740Now, looking forward, the key change with the Fed's projections is they are now penciling in a total of three interest rate cuts this year.
00:12:19.680Today's and two more quarter point cuts.
00:12:22.100Now, that's a shift from June when Fed officials had previously just penciled in two interest rate cuts.
00:12:28.100Now, what does all this mean to everyone at home?
00:12:30.460Well, the fact that rates have come down, that could be helpful for people who have credit card debt and people of floating rate debt, like home equity lines of credit.
00:13:03.940I'm interested to hear what he's going to say about all of the pressure, the political pressure from the White House on Federal Reserve officials
00:13:10.700and how many more interest rates he expects to have in the coming months.
00:13:16.940I love how they're like, well, this could be good for Americans.
00:13:19.960This is going to be massive, by the way, for Americans.
00:13:22.460And this is exactly what the president has been advocating for, saying that we need to move this in the right direction.
00:13:27.840We also know from what was said by Powell that you can expect that there is a very good chance that more cuts could be coming on the regular.
00:13:37.420So is this a victory for all Americans?
00:13:52.040Under what circumstances would a larger than 25 basis points rate cut be warranted?
00:13:57.700And how seriously was that option entertained at your meeting this week?
00:14:01.740There wasn't widespread support at all for a 50 basis point cut today.
00:14:05.880You know, I think we've done very large rate hikes and very large rate cuts in the last five years.
00:14:12.260And you tend to do those at a time when you feel that policy is out of place and needs to move quickly to a new place.
00:14:20.140That's not at all what I feel certainly now.
00:14:22.620I feel like our policy has been doing the right thing so far this year.
00:14:26.200I think we were right to wait and see how tariffs and inflation and the labor market evolved.
00:14:32.260I think we're now reacting to, you know, to the much lower level of job creation and other evidence of softening in the labor market and saying,
00:14:39.780well, those risks are maybe maybe not fully balanced, but moving in the direction of balance now.
00:14:44.420And so that that warrants a change in policy.
00:14:47.140So even Jerome Powell having to admit he's probably gotten it wrong for a while now and he's having to be honest that Donald Trump was right.
00:14:56.060Thank you for listening to the 47 Morning Update with Ben Ferguson.
00:14:59.680Please make sure you hit subscribe wherever you're listening to this podcast right now.
00:15:05.460And for more in-depth news, also subscribe to the Ben Ferguson podcast and we will see you back here tomorrow.