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Heather Kerrigan

In: Historic Documents of 2018

Chapter : Fed Hikes Interest Rate; Treasury Secretary Remarks on Economy : December 19 and 23, 2018

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Fed Hikes Interest Rate; Treasury Secretary Remarks on Economy : December 19 and 23, 2018
Fed Hikes Interest Rate; Treasury Secretary Remarks on Economy
Heather Kerrigan

After strong growth for much of the year, the U.S. economy ended 2018 on a downswing, with the Dow Jones Industrial Average, NASDAQ, and S&P 500 tumbling to near ten-year lows. The decline was driven by a number of factors, including a decision by the Federal Reserve to raise its benchmark interest rate for the fourth time in a year, an ongoing trade war between the world’s two biggest economies—the United States and China—and slowing growth both domestically and globally. Seeking to calm the markets, Treasury Secretary Steven Mnuchin took the unusual step of contacting the ...

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