National Urban League President Marc Morial Applauds 0.5% Interest Rate Cut
NEW YORK (September 18, 2024) – Calling the move “seriously overdue,” National Urban League President and CEO Marc H. Morial today commended the Federal Reserve for cutting interest rates by 0.5%, the first reduction since the COVID-19 pandemic cratered the U.S. economy.
“While the U.S. has experienced the strongest post-pandemic recovery of any nation in the world, the prosperity has not been equitably distributed,” Morial said. “This interest rate cut will open up the flow of resources into low-income and urban communities that continue to lag behind.”
Morial has repeatedly called on the Fed to cut interest rates since the rate of inflation began to plummet more than two years ago, and more urgently when GDP growth hit nearly 3% in the second quarter of this year.
“While this cut is seriously overdue and doesn’t go as far as we might wish, it is nonetheless extremely welcome news,” he said. “It is a powerful signal of confidence to both Wall Street and Main Street.”