Donald John Trump (born June 14, 1946) is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality. Trump was born and raised in the New York City borough of Queens, and received a bachelor's degree in economics from the Wharton School. He took charge of his family's real-estate business in 1971, renamed it The Trump Organization, and expanded its operations from Queens and Brooklyn into Manhattan.
The company built or renovated skyscrapers, hotels, casinos, and golf courses. Trump later started various side ventures, mostly by licensing his name. He owned the Miss Universe and Miss USA beauty pageants from 1996 to 2015, and produced and hosted The Apprentice, a reality television show, from 2003 to 2015. Forbes estimates his net worth to be $3.1 billion.
The U.S. central bank has cut interest rates for the first time in over four years, and it’s a big cut, marking the beginning of the end of what’s been the highest cost in two decades of borrowing money in a move that will send ripples across markets, businesses, consumers and politics.
The half-point cut will make it easier for people to buy homes and cars and take some pressure off highly indebted businesses, in media, entertainment and elsewhere.
The Fed hopes it will spur job growth. Donald Trump has said a cut would help Democrats in the upcoming election. “In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent.
In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” the Fed’s Open Market Committee said at the close of its scheduled two-day meeting. “The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.” A cut today had been largely priced into stocks but perhaps not one of this magnitude.
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