Good to be with you. Im katy tur. This is a monumental day, the Federal Reserve cut Interest Rates for the first time in four years. This was an aggressive 50 Basis Point Cut or half a Percentage Point that will move markets and Mortgage Rates. It might also move the tide of the election. Federal Reserve Chairman Jerome Powell followed the announcement with a speech of his own, appearing to signal more aggressive cuts to come, indicating that inflation is finally under control, all of this, just 48 days before the president ial election. Big day. Joining us now, nbc News Business and data reporter, brian cheung, national Affairs Correspondent with the nation John Nichols, and director of polling at the Harvard Kennedy Institute of politics and msnbc political contributor, John Della volpe. Nbc Business Correspondent Christine romans will be here in just a second. Brian, i shall begin with you, explain what We Saw, and also tell me what he said in his news conference. Yeah, and its stil
pence faced to refuse to count lawful electoral votes. earlier on morning joe, january 6th committee member adam schiff previewed the hearing and the seriousness of the committee s work. you can expect to see stuff you haven t seen before interwoven with things you have, but to tell the story in, i hope, a compelling way. our democracy today is more vulnerable than it was on january 6th because the lie that brought about that violence continues to to proliferate around the country. also on capitol hill, the gun deal framework just got a big en ment from republican leader, mitch mcconnell. ahead i will talk to democratic senator debbie stabenow whose own mental health legislation is now part of that framework deal. do you remember 1994? pulp fiction was in theaters. the sign by ace of base was the number one son. now, the fed is raising interest levels to rates not seen since that year. how that affects you and everything you buy, from gas to groceries in moments.
these are two big deal events. we ve only seen them happen on the same day at seven times in the same day at seven times in the last decade. to start, the consumer price index. that s the key inflation gauge that helps good news wednesday morning for american consumers and the fed. it should inflation calling site in may after she particularly hot rebels in the first few months of the year. at 3.3% the yearly price increase was slower than expected and slowly increase we saw in april. the data actually showed no change month to month between april and may. and the core inflation rate which excludes volatile food and energy prices called as well. that s the kind of news federal reserve officials are looking for. but it was enough to warrant an interest rate cut. here is federal reserve chair jerome powell. we see today s report as progress and is building confidence but we don t see ourselves as having the confidence that would warrant beginning to loosen policy this time. the
It was an action-packed week for the housing and mortgage market. Wednesday's Fed announcement was the highlight, but we also got several economic reports that caused rate volatility. Thankfully, it was mostly the good kind. The week got off to a slightly stronger start with Monday's only major rate news being updated borrowing estimates from the Treasury Department.  Why would such a thing matter?  Treasuries largely dictate day to day interest rate momentum in the U.S. because they are abundant, simple, and as close to risk-free as it gets.  As such, Treasuries are the universal yardstick for all other debt in the U.S., including MBS, the mortgage-backed securities that have the most direct impact on mortgage rates.  This is why Treasury yields and mortgage rates correlate so well over time. Treasuries can take cues from several sources.  One of the biggest is the change in the outright
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