In cutting the cost of borrowing for the first time in overfour years. The Federal Reserve have dropped the main Interest Rate in the worlds biggest economy by half a percentage point, bringing it down to between 4. 75 and 5 . A drop larger than many expected, with some wondering now if this reflects the scale of the problems facing the american economy or the success in getting the pace of price rises, inflation, close to the banks targets. The governor of the fed, Jerome Powell says the us economy is in good shape and they intend to keep it that way. Our North America Business correspondent Ritika Gupta has the details. The Federal Reserve has delivered a super sized Interest Rate cut aimed at bolstering the us Labour Market. The 0. 5 percentage cut, the first in over four years, brings its key Interest Rate, the federal funds rate, down to between 4. 75 and 5 . It comes amid Signs Inflation in america is continuing to fall, while the Job Market remains strong, even as unemployment h
I m ritika gupta. Welcome to business today, live from New York, us shares have made a strong start this thursday as investors wrap their heads around Thatjumbo Half Percent cut in Interest Rates from the Federal Reserve and later comments from chairjerome powell. Was it a Panic Measure in response to a sharp slowdown in the economy . Traders remember similar moves just before the Dotcom Crash the Global Financial Crisis and the pandemic. Well, in his Press Conference Mr powell was keen to dispel any such negative thoughts. The us economy is in a good place and our Decision Today is designed to keep it there. More specifically the economy is growing at a solid pace. Inflation is coming down closer to our 2 objective over time and the Labour Market is still in solid shape. Our intention is really to maintain the strength that we currently see in the us economy. Lets bring in steven schoenfeld, ceo of financial Data Provider marketvectors here in New York. We see equities rallying today.
For the Iam Union explained why members had rejected the proposed contract and voted for strike action. While there were many important things that were in this offer, it didnt make up, it didnt bridge the gap for 16 years, from 2008, and going through two extensions and the threats ofjob loss. You know, stagnated wages, Cost Shift on healthcare, and many other issues, and especially relocation of thousands of jobs for other programmes leaving the state. Lets get the latest with our business correspondent, theo leggett. There is more to this than just rejecting a 25 pay rise, isnt there . There are grievances Dating Back over 15 years and a lot of history to others because absolutely a list goes back a long way. Iii because absolutely a list goes back a long way. Because absolutely a list goes back a long way. If you look at the Control Back a long way. If you look at the control of back a long way. If you look at the control of an back a long way. If you look at the control of an isol
Massive fines if they dont act. Im Still Standing better than i ever did. Brexit ended visa free travel to the eu for musicians. Now, eltonjohn tells us why it will hit so many young performers. And coming up, a Hollywood Gladiator sends a surprise Birthday Message to a british sailor taking part in a round the world yacht race. Good evening and welcome to bbc news. The Prime Minister has thanked all those who have helped the uk to reach a milestone in its Vaccination Programme ten Million People have now received a first dose. But borisjohnson also issued a warning, describing the levels of covid 19 infections as alarmingly high. He said that while there was growing evidence of the effectiveness of the vaccines, the government needed more data before considering any relaxation of covid restrictions. Heres our Political Editor laura kuenssberg. Sleeves up, syringes ready, vaccine in army medics filling this Church Hall In Chingford where there used to be bingo nights and dog training.
Well hear from the former Prime Minister matteo renzi, whos told me why he forced the current crisis. Politics means make choice. I decided to open that crisis, and now there is a government better than in the past. And which celebrity does he look like . The burnley manager tells us what we are really missing in this pandemic is a game of looky likey. Hello. Im Laura Trevelyan in new york. Christian fraser is in london. There was encouraging news for britains government today. First came a preliminary report that the astrazeneca vaccine does reduce transmission of the virus by two thirds. Until now, there had been no real data on that. And the very same study found that delivering a second dose after 12 weeks, rather than three, made the vaccine more effective. The report hasnt been Peer Reviewed but seems to vindicate the uk governments strategy. The other extraordinary news was that by following that strategy, the uk has now vaccinated 10 Million People. 15 of the population has bee