Published annually since 1972, the Historic Documents series has made primary source research easy by presenting excerpts from documents on the important events of each year for the United States and the World. Each volume pairs 60 to 70 original background narratives with over 100 documents to chronicle the major events. Various records may include: • official reports • surveys • speeches from leaders and opinion makers • court cases • legislation • testimony • and much more Historic Documents is renowned for the well-written and informative background, history, and context it provides for each document. Organized chronologically, each volume covers the same wide range of topics: • business • the economy and labor • energy, environment, science, technology, and transportation • government and politics • health and social services • international affairs • national security and terrorism • rights and justice Each volume begins with an insightful essay that sets the year’s events in context, and each document or group of documents include: • a comprehensive introduction • background information on the event • full-source citations • easy access to material • detailed and thematic table of contents • references to related coverage • documents from the last ten editions of the series
Chapter : Federal Reserve Cuts Interest Rate : July 31, September 18, and October 30, 2019
Federal Reserve Cuts Interest Rate : July 31, September 18, and October 30, 2019
In July, September, and October 2019, the Federal Reserve Board of Governors Federal Open Market Committee (FOMC) voted to cut its benchmark interest rate. The July reduction was the first since December 2008, when the Fed attempted to restart economic growth during the recession. While drawing criticism from President Donald Trump, who sought more aggressive rate cuts, Federal Reserve chair Jay Powell wanted to avoid panic by saying that the economy was still strong, but the FOMC wanted flexibility in case it needed to respond to stalled growth in the near future.
Feds Consider Action to Maintain Record-Setting Economy
The Federal Reserve’s primary ...