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US Federal Reserve Chair Jerome Powell speaks to the media during a press conference at the Federal Reserve, in Washington, DC, on Wednesday, Jan. 29, 2025.

Graeme Sloan/Sipa USA

A tale of two central banks

On Wednesday, the Bank of Canada cut interest rates, but the US Federal Reserve did not. After three cuts in a row, the Fed’s decision to hold rates steady between 4.2% and 4.5% was expected as unemployment has dropped and stabilized. Still, it will irritate Donald Trump, who’s been clamoring for another cut.
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