Watch CBS News

Federal Reserve cuts decision expected

The Federal Reserve is expected to make its first announcement of the year regarding interest rate cuts. Greg Robb, a senior reporter for MarketWatch, joins CBS News with more.
Jan 28 (02:55)

TRANSCRIPT FOR: “FEDERAL RESERVE EXPECTED TO KEEP INTEREST RATES STEADY DESPITE TRUMP PRESSURE”

ERROL BARNETT:
00:01:22

And the other information we'll get today, beyond the decision, are the comments from Fed Chair Jerome Powell during a Q&A. In an article, you write that, quote, "everyone is looking for political fireworks from Mr. Powell." Why is that, and what should we expect that might be different from previous press announcements he's made? Yeah, since Powell spoke to reporters, he kind of flipped the script here. He, in the middle of January a couple of weeks ago, he had a sort of fiery statement. He came out and was really critical of President Trump because the Trump administration has started a criminal probe into Powell. He did some renovation at the Fed headquarters that cost a lot of money, and so they launched this criminal probe. And Powell came out and really said that this was just a way to attack the Fed. And before that, for years, Powell has sort of taken criticism from the Trump administration quietly with a stiff upper lip. So when he pushed back, now reporters are going to see if he will push back on other things, talk about the economy, and whether Powell can stay at the Fed, even after he's not the chair. That's a big question that's overhanging everything's decision today.

ERROL BARNETT:
00:02:43

Yeah, he took that unusual move of releasing a video statement, even. So let's see how specific he gets today. Greg Robb, great to have you on our show this morning. Thanks for being with us.

View CBS News In
CBS News App Open
Chrome Safari Continue