Federal Reserve Keeps Interest Rates Unchanged, Jobless Rate Rises Above Expectations; Economic Policies in Focus as 2024 Election Approaches

The US jobless rate rose to 3.9 percent, higher than what economists had predicted. This increase was reported by the Labor Department shortly after a Federal Reserve committee decided not to cut interest rates. According to Joseph Gaffoglio, president of Mutual of America Capital Management, the slower jobs report would likely be seen positively by the Fed.

The Federal Reserve has been cautious about the timing of any interest rate cuts in order to maintain control over inflation. This approach could continue to put pressure on the job market in the coming months. Prices rose by 3.5 percent in March compared to the previous year, which is further away from the Fed’s inflation target than at the end of last year.

A recent CNN poll found that only 34 percent of voters approve of President Biden’s handling of the economy, while 29 percent approve of his handling of inflation. Furthermore, voters perceive former President Trump, who is expected to be the Republican presidential nominee in 2024, as being better suited for managing the economy than Biden.

As the 2024 election approaches, there has been growing scrutiny of the Federal Reserve and its interest rate policies. The Hill’s Taylor Giorno has more information on this topic.